Ardent Hire Solutions has secured a £120 million refinance deal with HSBC in partnership with ABN AMRO.

The asset-based lending facility, which will support the heavy plant hire specialist during its accelerated growth period, will see HSBC and ABN AMRO each provide £60m of funding.

Overall, the deal will provide 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 fleet.

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Julian O'Neill, Chief Financial Officer 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."

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."

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."

(LM)