Speedy Hire PLC utilise funding facility to grow its core proposition in the UK and overseas
Lloyds TSB Commercial Finance has joined forces with Speedy Hire plc’s (“Speedy”) lead arrangers to provide a £220 million asset based finance facility for the company, which is the UK’s leading provider of equipment rental and support services.
Founded in 1977, Speedy services a wide range of clients across the construction, infrastructure, industrial, manufacturing and facilities management sectors, as well as local trades and industry. The Merseyside-headquartered company is listed on the London Stock Exchange and employs approximately 4,000 people.
The funding opportunity was introduced to Lloyds TSB Commercial Finance by Lloyds Bank Corporate Markets’ Large Corporate team, part of the company’s existing banking syndicate.
With the support of Lloyds TSB Commercial Finance and its other funding partners, Speedy will continue to develop its suite of value-added consultancy services, and further grow its core proposition in the UK and key overseas territories.
Steve Corcoran, Chief Executive at Speedy, said: “Lloyds TSB Commercial Finance played an important role within the financing syndicate, providing a well priced, carefully structured package. We are delighted to have continued our long-term relationship with the team and the wider group in the region, as we target sustainable growth over the coming years.”
Darren Winterbottom, Associate Director, Business Development, Large Corporate, Lloyds TSB Commercial Finance, commented: “Speedy is one of the North West’s leading businesses and a key client to Lloyds Banking Group in the region.
“Given its significant tangible asset base and strong balance sheet, this form of funding will allow the company to create financial headroom and drive future growth.
“The transaction illustrates our status amongst the region’s asset based finance providers of choice and our integrated approach to funding, having worked closely with our Structuring and Syndication team in delivering the deal.”