Bristol-based plant hire supplier Plantforce has secured a £60m funding line from its existing banks to invest in its hire fleet over the next two years. The deal, funded by a club structure between Natwest Bank and Wells Fargo Capital Finance, will facilitate the Plantforce 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. It has one of the most modern and diverse ranges of construction equipment in England, comprising over 2000 assets.
With one of the widest ranges of technology, equipment, and service solutions in the market, Plantforce has built a reputation for delivering industry-leading innovation. This approach has seen them awarded tier-1 supplier status on the two largest construction projects in the UK, Hinkley Point-C and HS2, an achievement held by no other supplier in the plant hire sector.
Lead partner, Natwest Bank UK Financing Solutions Director, Jamie Simons added, “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 has achieved substantial growth by working in partnership with its supply chain to deliver cutting-edge industry innovation. It has also driven a procurement strategy that has seen carbon reduction at the heart of its buying decisions to meet its ongoing environmental strategy and customer demand. This ABL facility will be utilised in line with this strategy to further cement its unique position in the market for customers looking for a reliable yet innovative service partner.
Plantforce CEO, Samuel Mercer said, “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.”
Plantforce CFO, Charles Murphy added, “We are very pleased to have the renewal of the ABL facility completed with the support of NatWest and Wells Fargo Capital Finance. It’s an important milestone that recognises the strong current trading and sets us up for the future. I look forward to working with Sam in his new CEO role to deliver on his plans for the business”.
The deal follows BGF’s investments in Plantforce in 2018, which also played a crucial role in securing this latest funding facility. Bristol-based law firm TLT Solicitors played a pivotal role in completing the deal.
