Speedy Hire gets new £180 million asset-based revolving facility

By Jennifer Chiou

New York, Sept. 18 – Speedy Hire plc closed on a new £180 million asset-based revolving credit facility due in August 2015, according to a filing with the London Stock Exchange.

“We are delighted to have concluded this refinancing ahead of schedule and on improved terms reflecting our bankers’ confidence in the business,” chief executive officer Mark Rogerson said in the filing.

“Alongside our ongoing focus on cash generation, the new facility will provide us with the flexibility to support our strategy for growth.”

Speedy is a Newton-le-Willows, U.K., provider of equipment rental and support services to clients across the construction, infrastructure, industrial, manufacturing and facilities management sectors, as well as to local trades and industry.

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