Fox Brothers has secured a £70 million loan to support its growth plans.
The North West haulage, plant hire and aggregates business received the asset-based lending (ABL) facility from NatWest and HSBC to increase its existing fleet.
In addition to futureproofing its assets, the Group said the loan will allow it to pursue acquisition opportunities.
“This ABL funding from NatWest and HSBC is a welcome development to our business, as we embark on our next phase of our journey,” said Paul Fox, CEO at Fox Brothers. “We are keen to enhance our long-standing position within our industry.
“The ABL will give us extra security when we scope out new acquisition opportunities in the near future.”
Adding: “I would like to recognise the support that Andrew Barraclough from NatWest has given the business throughout the process along with Kerry Kirk the finance director of Fox Group.”
Fox Brothers is a fourth-generation family-run business with 850 employees, holding 32 sites across the UK.
It was founded in 1932 by Jack Fox, who handed the reigns to his son Harold, known as “Barney”, in the 1970s.
When Barney passed away in 2007, his grandson, Paul, then 23, took over the business.
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