Ardent is the leading specialist equipment hire company in the UK owned by Searchlight Capital Partners and Duke Street. With headquarters in Enfield, London, Ardent provides telehandlers, excavators, dumpers and rollers, to residential buildings and civil engineering businesses across the country. Ardent has a nationwide footprint through 13 UK depots, including locations in Glasgow, Leeds and London.
The syndicated deal, led by HSBC, sees ABN AMRO and HSBC each provide £60m of Asset Based Funding against Ardent’s receivables, plant and machinery assets. The funding solution 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.
Julian O’Neill, CFO at Ardent Hire Solutions 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.”
Pierre Vinci, Head of Origination at ABN AMRO Asset Based Finance said: “We are pleased to have worked in partnership with HSBC and provided Ardent Hire with a flexible funding solution. It will help support the company’s accelerated growth, enabling them to achieve their business ambitions.”
Nigel Smith, Head of Large Corporates, HSBC Global Trade and Receivables Finance UK, added:
“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.”