Wednesday, 17 July 2024
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Business

£70M ABL facility granted to the Fox Group

  • A £70 million asset-based lending (ABL) facility from NatWest and syndicated bank HSBC UK.
  • The facility will help the company expand its fleet of vehicles and hire more equipment.
  • Paul Fox thanked Kerry Kirk, the company’s finance director, and NatWest for their support.

A £70 million asset-based lending (ABL) facility from NatWest and syndicated bank HSBC UK has been awarded to a major haulage, plant rental, and aggregate company in the North West. The facility will help the company expand its fleet of vehicles and hire more equipment, resulting in more effective asset procurement.

Together with a constantly replenishing fleet, the ABL facility will enable the group to enhance and future-proof its capacity to offer the highest caliber plant hire services in the sector.

Fox Group

The fourth-generation family-run company Fox Brothers has obtained ABL funding from HSBC and NatWest to support its expansion and potential acquisitions. The company will be able to strengthen its position in the market and investigate new acquisition prospects thanks to the funding.

Paul Fox, CEO of Fox Brothers, thanked Kerry Kirk, the company’s finance director, and NatWest for their support. Jason Gledhill of HSBC UK commended Fox Brothers as a major participant in the UK construction sector and expressed enthusiasm for the company’s continued expansion.

The NatWest head of ABL origination, Andrew Barraclough, expressed his happiness to provide Fox with the facility so it can keep offering top-notch plant hire to a range of industries.

Adam Fordham, Global Trade and Receivables Finance Director at HSBC UK provided support for the deal. 32 national sites throughout the UK and 850 employees make up Fox Brothers, a company founded by Jack Fox in 1932. In 2007, Jack Fox and Paul Fox, his grandson, launched the family-run enterprise.

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