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Ardent Agrees £120M Refinance Deal

Leading heavy plant hire specialist Ardent Hire Solutions has secured a £120m asset-based lending facility to support its growing working capital needs during a period of accelerated growth. The deal was facilitated by HSBC in partnership with ABN AMRO.

The £120m deal sees HSBC and ABN AMRO each provide £60m of funding in the form of an asset-based lending facility which provides funding against Ardent’s receivables, plant and machinery assets. The deal provides Ardent with flexible access to working capital to support the business’s growth, which will include the purchase of further machinery and maintenance of its existing high quality fleet.

With headquarters in Enfield and Middlesex, Ardent provides telehandlers, excavators, dumpers and rollers, to residential building and civil engineering businesses across the country. Ardent has a nationwide footprint through 14 UK depots, including locations in Glasgow, Leeds and London.

“I am delighted we have been able to support Ardent Hire with this significant new funding package, which will support both their ongoing growth and their planned investment in the business,” says Nigel Smith, Head of Large Corporates, HSBC Global Trade and Receivables Finance UK. “Working with ABN AMRO, we have collectively delivered a solution that will not only provide the working capital that meets Ardent’s current needs, but which will also provide them with the foundation for future growth.”

“Ardent is excited to work with HSBC and ABN AMRO to help the business grow further,” says Julian O’Neill, CFO at Ardent Hire Solutions. “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.”

“We are pleased to have worked in partnership with HSBC and provided Ardent Hire with a flexible funding solution,” says Pierre Vinci, Head of Origination at ABN AMRO Asset Based Finance. “It will help support the company’s accelerated growth, enabling them to achieve their business ambitions.”

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