Hire and Supplies LTD, a growing plant and tool hire business with locations in the West of Scotland, is eyeing expansion into Nothern England thanks to significant refinancing deal.
The company, which was founded in 2014 and now has 40 employees, secured a £2.52m asset refinance, facilitated by Greater Manchester-based PMD Business Finance and financed by Praetura Asset Finance. The deal enabled the company to refinance more than 250 assets across 160 hire purchase agreements, significantly reducing its monthly debt commitments and enabling the business to focus on its long-term growth strategy. David Chandler, director of Hire and Supplies, said: “This refinancing deal frees up significant cash that we will use to grow the business, specifically opening a bricks and mortar centre in Cumbria where our sales have been steadily growing in recent years.
“The plant hire sector in Cumbria has seen some upheaval with some competitors leaving or scaling back in the region. We believe there is a gap in the market for a firm like ours, particularly as the economic conditions will lead more businesses to hire in equipment than to buy it.”
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