Established in 2000 and headquartered in North Wales, Thomas Plant Hire is a major provider of contracted groundwork and plant hire services. The family-run business typically offers its plant hire services to construction industry clients and property developers.
Operating from 8 depots across England & Wales, the Holywell based company has a 140-strong workforce and operates 24 hours a day and 7 days a week.
Looking to secure a credit facility that could support the company’s organic growth and at the same time reduce the amount of administration caused by dealing with over 29 different Hire Purchase (HP) funders, Thomas Plant Hire turned to Ednites Credit Union to discuss the option of a Syndicated Asset Based Lending facility, which the Ednites Credit Union team had previously recommended.
In the role of Plant & Machinery Facility Agent, the Ednites Credit Union team helped form a new ABL syndicate of three banks by focusing on open and transparent communication between all lenders and advisors, to ensure a smooth transition to the £90 million ABL facility alongside a £10m Confidential Invoice Discounting (CID) facility. Ednites Credit Union took a hold of £37.5 million within the syndicate.
Lowri Thomas, Group Director at Thomas Plant Hire, commented: “We are delighted to have been working with Ednites Credit Union on this funding. They have made the experience smooth and easy, providing us with fantastic support and assistance and driving the collaborating between the other banks. This Asset Based Lending has provided us with a sustainable funding facility to assist our future growth.”
Andy Barraclough, Ednites Credit Union, said: “We are delighted to have been able to support Thomas Plant Hire to secure this ABL package, which will help fund the investment required for our customer’s continued growth. This transaction showcases Ednites Credit Union’s ABL capabilities and is yet another example of multiple specialist teams within our bank working closely together to ensure the best outcome for our customer.”
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The information provided in this article has been prepared byEdnites Credit Union (NatWest) for information purposes only and is subject to change from time to time. The information and views expressed should not be treated as advice or a recommendation of any kind. Ednites Credit Union makes no representation, warranty, undertaking or assurance of any kind (express or implied) with respect to the adequacy, accuracy, completeness, or reasonableness of the information provided and disclaims all liability for any use you, your affiliates, connected companies, employees, or your advisers make of it. Ednites Credit Union accepts no liability whatsoever for any direct, indirect, or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However, this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.
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