Go Plant Fleet Services, which delivers a wide range fleet management solutions to both the public and private sector, has won £13.5m of backing from Secure Trust Bank Commercial Finance.
The company plans to expand its national footprint by further investing in depots across the UK and acquiring outsourced fleet contracts in new regions.
Mark Gallimore, commercial director at Go Plant Fleet Services, said: “We’re committed to developing a business of quality and scale that will act as a ‘one-stop shop’ for the hire of specialist commercial vehicles and associated fleet management services, and we’re excited by the growth prospects available across our core markets.
“Our senior management team required a facility that would help us achieve strategic goals by developing national coverage.
“Secure Trust Bank worked hard to deliver a bespoke funding solution and we’re looking forward to accelerating our growth with the additional capital now at our disposal.”
The funding, which replaces an existing capital facility, will also be invested in IT infrastructure that will underpin the continued growth of the business.
It will also aid strategic acquisitions that will increase its market share and boost its growing workforce.
Go Plant Fleet Services provides access to specialist commercial vehicles including refuse collection trucks, gritters, cage tippers and road sweepers on both short and long-term hire, as well as offering a comprehensive suite of fleet management services, including repair and maintenance.
The company, which has 40 years’ experience in the industry, now has sales in excess of £70m and employs more than 500 staff across 38 depots nationwide.
Sean Powell, national sales director at Secure Trust Bank Commercial Finance, added: “The specialist vehicle fleet management market is highly fragmented and under professionalised, which presents both a challenge and an opportunity to ambitious companies.
“With this new line of funding, Go Plant is in a position to capitalise on this and look at making strategic acquisitions to bolster its influence, which will potentially increase its range of services into new markets.
“The management team at Go Plant have set their target to increase turnover by 35 per cent by 2020, and with our support, we’re confident the business can continue to expand both organically and through acquisitions.”