HIRE specialist Plantforce has announced it has secured a £60 million funding line from its existing banks to invest in the company’s fleet over the next two years.
The deal, funded by a club structure between Natwest Bank and Wells Fargo Capital Finance, is designed to facilitate Plantforce’s growth strategy and enhance its commitment to offering customers the ‘latest technology solutions and reliable equipment’.
Founded in 1999, Plantforce operates from seven depots in Bristol, Exeter, Bridgwater, Birmingham, Liskeard, Stone and a recent expansion into the north west with a new location in Greater Manchester. The business has been awarded tier one supplier status on the two largest construction projects in the UK, Hinkley Point-C and HS2.
Lead partner, Natwest Bank UK financing solutions director, Jamie Simons said, “With the market share growth Plantforce have delivered, their contribution to key UK infrastructure products and the robust structure of their business that their diverse service offering provides, NatWest are very pleased to have renewed our support for this ABL facility alongside our partners at Wells Fargo Capital Finance. One of the key benefits of this facility is the flexibility and agility Plantforce will have to secure and dispose of assets secured using this funding.”
Plantforce CEO Samuel Mercer added, “We are set for a record year in FY24, and this ABL facility secures the funding to continue our strategic growth of Plantforce, allowing us to maintain our momentum in the coming years. By listening to our customers’ requirements for us to provide a digitised fleet and innovate product lines whilst maintaining a fuel-efficient focus on procurement decisions and adding new services such as heavy haulage, we are confident that with this funding, we will achieve our growth targets.”
