A £120 million deal facilitated by HSBC in partnership with ABN AMRO will support the leading heavy plant hire specialist Ardent Hire Solutions in its period of accelerated growth. Each partner will provide a £60 million funding in the shape of an asset-based lending facility which will go into Ardent’s receivables, plant, and machinery assets. The flexible access to working capital will give the company the chance to purchase further machinery and maintenance for its existing high quality fleet.
Ardent provides telehandlers, excavators, dumpers, and rollers, to civil engineering and residential building businesses across the UK. Headquartered in Enfield and Middlesex, it has 14 depots nationwide, including Glasgow, Leeds, and London.
“This substantial Asset Based Lending facility is a mark of HSBC’s appetite and ability to lead the implementation of structured finance arrangements tailored to client needs, and has been a magnificent team effort between our Asset Based Lending specialists and Leveraged Corporates team. Working with ABN AMRO, we have collectively delivered a solution that will not only provide the working capital that meets Ardent’s current needs, but which will also provide them with the foundation for future growth,” commented Nigel Smith, Head of Large Corporates, HSBC Global Trade and Receivables Finance UK, on the generous offering.
The new facility will provide Ardent Hire with the financial capacity to respond to the customers’ demand and to provide market growth. “We are pleased to have worked in partnership with HSBC and provided Ardent Hire with a flexible funding solution. It will help support the company’s accelerated growth, enabling them to achieve their business ambitions,” said Pierre Vinci, Head of Origination at ABN AMRO Asset Based Finance.
Formed in 2017 through the acquisition of One Call Hire Limited and Fork Rent Plc. made by Searchlight Capital Partners, L. P. and Duke Street, Ardent Hire Solutions has now the largest telehandler fleet in the UK and one of the largest excavator fleets, with over 5,000 machines available for hire.