Speedy Hire gets bankers' vote of confidence with £180m of enhanced lending

 
Oliver Gill
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The banks extended facilities by three years (Source: Getty)

Plant hire firm Speedy Hire today secured vital financial backing which its boss hailed as reflecting “our bankers’ confidence in the business”.

The London-listed firm extended its £180m asset-backed facility from September 2019 to October 2022.

Speedy Hire also shaved 0.25 per cent off interest payments on the new loan.

The facility is split equally between Royal Bank of Scotland, Bank of America Merrill Lynch, Barclays, HSBC and Wells Fargo.

Read more: No spanner in the works: Speedy Hire's full-year profit to top expectations

"We are delighted with this successful outcome which reflects our bankers' confidence in the business," said chief executive Russell Down.

"At 30 September net debt is now expected to be less than £65m, and this revised facility, with significant headroom, gives us greater flexibility to support our strategy for growth, and lowers our cost of debt."

Read more: Speedy Hire hammers out profits as its turnaround plan takes hold

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