18.01.2018

New £120 million credit line for Ardent

UK telehandler rental company Ardent Hire Solutions has secured a £120 million asset based lending facility to support its growing working capital needs in a deal facilitated by HSBC in partnership with ABN Amro, each of which will provide £60 million of funding against Ardent’s receivables and rental equipment.

The deal provides Ardent with flexible access to working capital to support the further growth, including the purchase of further equipment and maintenance of its existing fleet.

Ardent is based in Enfield and Middlesex, and operates from 14 locations across the UK. It runs a fleet of around 5,000 machines, which now includes excavators, dumpers and rollers, alongside its 3,500 telehandlers. The company was formed in 2015 when private equity firms Searchlight Capital Partners and Duke Street acquired One Call Hire and Fork Rent. See Ardent is the new name for One Call/Fork Rent. The company is now led by Jeremy Fish, the previous managing director of Nationwide Platforms.

Chief financial officer Julian O’Neill 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.”

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. This substantial Asset Based Lending facility is a mark of HSBC’s appetite and ability to lead the implementation of structured finance arrangements tailored to client needs, and has been a magnificent team effort between our Asset Based Lending specialists and Leveraged Corporates team. Working with ABN Amro, we have collectively delivered a solution that will not only provide the working capital that meets Ardent’s current needs, but which will also provide them with the foundation for future growth.”