COMMERCIAL vehicle specialist, Asset Alliance Group, has won fresh backing from Allied Irish Bank (GB) which has added £20 million to the company’s Asset Based Lending (ABL) facility.
Asset Alliance Group first obtained a £75 million revolving ABL deal in 2016, led by NatWest and supported by HSBC. Further funds were awarded by the Clydesdale Bank and Shawbrook Bank in 2018 and with the additional support of Allied Irish Bank (GB), the total fund now stands at £175 million.
Asset Alliance Group’s chief financial officer, Douglas McArthur, says: ‘We are fortunate to be in a virtuous cycle. As our customer base has grown, our reputation in the commercial vehicle market has strengthened and that is reflected in the confidence we have received from the banks.’
The Group’s annual turnover figure rose to £71.5 million in 2018; a year on year increase of almost 50% compared to its 2017 figure of £47.9 million.