A large Northwest Haulage, Plant Hire and Aggregate business has received a £70m asset-based lending (ABL) facility from NatWest with syndicate bank HSBC UK to support Increasing the groups plant hire and haulage fleet, creating a more efficient way to procure assets.
The ABL facility will allow the Group to improve and future-proof its ability to continue to provide the best quality plant hire into the industry along with the fleet being continually renewed.
In addition, it will allow the Group the ability to continue to pursue growth and acquisition opportunities as the group continues its growth journey.
Paul Fox, Chief Executive Officer at Fox Brothers, said: “This ABL funding from NatWest and HSBC is a welcome development to our business, as we embark on our next phase of our journey. We are keen to enhance our long-standing position within our industry.”
“The ABL will give us extra security when we scope out new acquisition opportunities in the near future. Also, I would like to recognise the support that Andrew Barraclough from NatWest has given the business throughout the process along with Kerry Kirk the Finance Director of Fox Group. We are looking forward to starting a new partnership with NatWest and HSBC UK and are looking forward to the future.”
Jason Gledhill at HSBC UK said: “Fox Brothers is a great business in the North West and a key player for the UK construction industry. We’re excited to see how Paul and the team will continue to build the business for many generations to come.”
Andrew Barraclough, Head of ABL Origination at NatWest, added: “We are absolutely delighted to support Fox with this facility which will allow it to continue to provide high quality plant hire to the many sectors they serve. We look forward to seeing this family-led business to go from strength to strength as it continues its growth journey.”
This deal was supported by Adam Fordham, HSBC UK Business Development Director, Global Trade and Receivables Finance.
Fox Brothers is a fourth-generation family run business, with 850 employees across all parts of its business, holding 32 national sites across the UK.
Fox Brothers was founded in 1932 by Jack Fox, who handed the reigns to his son Harold Fox, known as Barney, in the 1970s. When Barney Fox passed in 2007, his grandson Paul Fox aged just 23, took over the business.