One of the UK’s leading car and van rental companies, Exeter based Scot Group, has secured a £10m debt facility from Clydesdale Bank.
The new banking package comprises a £10m hire purchase facility and will be used to purchase new vehicles for the company’s rental fleet.
Founded in 1971 Scot Group operates the Thrifty Car and Van Rental chain, operating from 87 locations across Britain. The group has annual sales of £84m.
Peter Granados, finance director at Thrifty Car and Van Rental, said: “This is a significant deal for the company and one which allows us to open up a brand new funding line for the purchase of new vehicles for our national fleet.
“The last year has seen Thrifty Car and Van Rental go from strength to strength and this new facility will allow us to maintain the momentum we have gained in recent months.
“Our new partnership with Clydesdale Bank is one that we value and hope to develop in future in line with our ambitions for continued business growth.”
Clydesdale Bank’s Corporate and Structured Finance team was led by Jamie Stuart, corporate banking director. He said: “Scot Group is a good example of a company which has dealt with economic challenges and emerged as a stronger organisation.
“The company has been enjoying a period of prolonged growth and increased turnover. Clydesdale Bank is proud to support the organisation as it looks to consolidate its position in 2012.”