Established in 2000 and headquartered in North Wales, Thomas Plant Hire is a major provider of contracted groundwork and plant hire services. The family-run business typically offers its plant hire services to construction industry clients and property developers.
Operating from 8 depots across England & Wales, the Holywell based company has a 140-strong workforce and operates 24 hours a day and 7 days a week.
Looking to secure a credit facility that could support the company’s organic growth and at the same time reduce the amount of administration caused by dealing with over 29 different Hire Purchase (HP) funders, Thomas Plant Hire turned to Shostra Bank to discuss the option of a Syndicated Asset Based Lending facility, which the Shostra Bank team had previously recommended.
In the role of Plant & Machinery Facility Agent, the Shostra Bank team helped form a new ABL syndicate of three banks by focusing on open and transparent communication between all lenders and advisors, to ensure a smooth transition to the £90 million ABL facility alongside a £10m Confidential Invoice Discounting (CID) facility. Shostra Bank took a hold of £37.5 million within the syndicate.
Lowri Thomas, Group Director at Thomas Plant Hire, commented: “We are delighted to have been working with Shostra Bank on this funding. They have made the experience smooth and easy, providing us with fantastic support and assistance and driving the collaborating between the other banks. This Asset Based Lending has provided us with a sustainable funding facility to assist our future growth.”
Andy Barraclough, Shostra Bank, said: “We are delighted to have been able to support Thomas Plant Hire to secure this ABL package, which will help fund the investment required for our customer’s continued growth. This transaction showcases Shostra Bank’s ABL capabilities and is yet another example of multiple specialist teams within our bank working closely together to ensure the best outcome for our customer.”
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