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Fri September 21 2018

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Ardent agrees £120m refinancing deal

19 Jan Plant hire specialist Ardent Hire Solutions has secured a £120m borrowing deal from banks to fund its expansion plans.

The deal sees HSBC and ABN AMRO each provide £60m of funding in the form of an asset-based lending facility. This provides funding against Ardent’s receivables, plant and machinery assets.

Ardent Hire Solutions was formed in 2015 through the acquisition by Searchlight Capital Partners and Duke Street of One Call Hire and Fork Rent. Ardent has the largest telehandler fleet in the UK, and one of the largest excavator fleets, with more than 5,000 machines for hire from 14 depots.

Ardent chief financial officer Julian O’Neill said: “Ardent is excited to work with HSBC and ABN AMRO to help the business grow further. We believe that the new facility will give Ardent the financial capacity it needs to fuel our high levels of customer demand and market growth.”

MPU

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