RBS backs vehicle hire firm with £75m expansion cash
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Royal Bank of Scotland has backed commercial vehicle contract hire and financing business Asset Alliance Group, which employs 80 staff in Lanarkshire and Wolverhampton, with a £75 million cash injection.
The asset-based lending facility is secured against the company’s vehicle portfolio and will allow the business to grow both organically and through targeted acquisition.
Asset Alliance helps clients buy, sell, finance and maintain commercial vehicles.
In January the company bought Hampshire-based Forest Asset Finance, a specialist broker in the bus and coach sector, in a seven-figure deal.
Asset Alliance chief executive Willie Paterson said: “By adding bus and coach finance to our services, we can widen our client base and our portfolio of products and services.”
Ernst & Young’s Manchester-based capital and debt advisory team supported the transaction.
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