Law firm advises Speedy Hire on £180m refinancing

Addleshaw Goddard’s Manchester office has advised Merseyside-based Speedy Hire on a major refinancing deal.

The London-listed firm extended its £180m asset-backed facility from September 2019 to October 2022.

The facility is split equally amongst a five-strong banking syndicate, comprising Royal Bank of Scotland, Bank of America Merrill Lynch, Barclays, HSBC and Wells Fargo.

The company provides specialist power, survey and lifting solutions, as well as professional training and support services, across the construction, infrastructure, industrial, and manufacturing sectors, and has one of the largest hire fleets in the industry, with more than 200 depots positioned across the UK and Ireland.

The AG team was led by partner Simon Prendergast and included Kate Jones and Alex Staniland.

Prendergast said: “We were delighted to have the opportunity to work with Speedy Hire to achieve a successful outcome to this process, securing committed ABL facilities for a further three years which will support the Group’s growth strategy over this period. This is the latest in a succession of syndicated ABL facilities we have advised on in 2017, illustrating the extent to which asset based lending is increasingly being viewed as an attractive funding option for mid cap companies.”

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