24.03.2015

GAP refinances

UK based rental company GAP group has completed a £220 million refinancing exercise to support the growth of the business over the next five years.

The Glasgow-based company negotiated the competitive asset-based facility with a four bank syndicate led by RBS and including Barclays, Wells Fargo Capital Finance and PNC Business Credit.

GAP was established in 1969 by Gordon Anderson. It is still family-owned and run by his two sons joint managing directors, Douglas and Iain. Its core fleet includes general equipment, tools and lifting equipment, available from 110 depots across the UK. It employs 1,300.

In 2014 it established three new divisions which, with the new funding, it hopes to expand further, including welfare services such as toilet hire, event services with products such as barriers, lighting and temporary flooring, and survey and safety equipment hire.

Financial director Andrew Stewart, said: “We’ve built our business on trust, honesty and integrity - a set of core family values which underpin everything we do. With the financial security and flexibility to further grow our business, we are looking to the future with confidence. We were encouraged by the positive reaction shown by potential financial partners, and with the close support of our financing advisers KPMG we were able to improve on our existing banking terms to support our growth ambitions.”