GE Capital today announced that it will provide a £7m Asset-Based Lending facility to T.O.M Vehicle Rental to support the company’s future growth plans.
T.O.M Vehicle Rental, headquartered in Airdrie, is the largest independent vehicle rental business in Scotland and one of Scotland’s fastest growing private companies. Founded 22 years ago, it now employs over 300 staff and works with a range of public and private sector clients, including local authorities, the NHS and Scottish Water.
Following a competitive process, GE Capital was selected by the company to support its future ambitions. GE Capital will provide a large funding line worth £7m to allow the organisation to invest in more vehicles and continue to create new jobs. T.O.M. has doubled in size over the past two years. The increased capital will also be used to support T.O.M’s further expansion across Scotland and into England.
Alan Anderson, regional director, Scotland, GE Capital UK, commented: “The growth of T.O.M. is a great news story for Scottish business and the local community. We are delighted to be able to support this great company in the next stage of its development, helping it to expand further and bring more jobs into the economy.”
Craig Rattray, group finance director, T.O.M Vehicle Rental, commented: “In this challenging economic climate, finding the right financing partner is essential. After considering a range of options, we decided that GE Capital demonstrated the greatest commitment to our business needs. They understood the potential of our business and were able to provide a solution that will help us fulfil it.”