Scottish Plant Hire Firm Plans Cumbria Expansion After £2.5m Refinancing

Hire and Supplies, a plant and tool hire company based in the west of Scotland with centers in Dumfries and Oban, has secured a £2.52 million asset refinancing deal to support its expansion into northern England, particularly Cumbria. The refinancing, facilitated by PMD Business Finance and funded by Praetura Asset Finance, involved refinancing over 250 assets across 160 hire purchase agreements, significantly reducing monthly debt obligations and freeing up cash for growth. Director David Chandler highlighted that the plant hire sector in Cumbria has experienced upheaval with competitors scaling back or exiting, creating a market opportunity for Hire and Supplies. The company operates a comprehensive online platform offering a wide range of equipment, from excavators to hand tools, aiming to provide a one-stop shop with high service levels. Both PMD and Praetura's executives emphasized the complexity and collaborative effort of the refinancing deal, which was completed swiftly to align with the company's growth strategy. This expansion move reflects Hire and Supplies’ confidence in demand for equipment hire amid current economic conditions favoring renting over buying.