Leading UK plant hire company says new £135 million credit facility will allow further market penetration
UK hire company Hewden Stuart Ltd have announced access to significant new funds, after securing a £135 million credit facility led by Bank of America and supported by five other international financial institutions.
Commenting on the new finance deal, Darren Woods, chief financial officer at Hewden, said: ‘The new debt facility will allow us to further our market penetration and growth plans as we continue our aggressive investment strategy in new assets, which over the past 24 months, has seen us place orders with our suppliers for more than £100 million of capital expenditure.’
According to Mr Woods, 2015 will see a continuation of this plan as the company seeks to establish its position at the forefront of the UK plant rental industry.
‘This year we will look to increase our market leadership in the industrial and engineering sectors, with additional products and services providing an unrivalled on-site solutions proposition,’ he said.
‘As the recovery in the market place continues, we are delighted at the confidence our new banking syndicate has demonstrated. This new deal provides Hewden with the access to funds which will aid us in facilitating and delivering against our 2015 objectives.’