Hire and Supplies targets Northern England after £2.52m refinancing deal

A fast-growing plant and tool hire company based in the west of Scotland is set to expand into northern England after securing a major refinancing deal worth £2.52 million.

Hire and Supplies Ltd, which operates centres in Dumfries and Oban, has ambitions to open a new bricks-and-mortar location in Cumbria, where the company has seen rising demand. The expansion is being enabled by a complex asset refinancing transaction, delivered with support from PMD Business Finance and funded by Praetura Asset Finance.

Founded in 2014, Hire and Supplies employs 40 people and operates both physical and online platforms, offering a wide range of products from excavators and dumpers to hand tools, power tools, garden machinery, and workwear, with nationwide delivery.

The £2.52m deal allowed the company to refinance over 250 assets across 160 hire purchase agreements, significantly reducing monthly finance obligations and freeing up capital for strategic growth.

“This refinancing deal frees up significant cash that we will use to grow the business, specifically opening a bricks and mortar centre in Cumbria where our sales have been steadily growing in recent years,” said David Chandler, director of Hire and Supplies.

“The plant hire sector in Cumbria has seen some upheaval with some competitors leaving or scaling back in the region. We believe there is a gap in the market for a firm like ours, particularly as the economic conditions will lead more businesses to hire in equipment than to buy it.

“Our business model is based on providing a true one-stop shop as we stock everything that’s on our website, rather than sourcing from other suppliers. We aim to give people what they want with the service level they expect.”

The Cumbria move marks a pivotal next step for the company as it seeks to capitalise on shifting market dynamics and strengthen its footprint in the North of England.

Kai Wynne-Jones, structured finance director at PMD Business Finance, said: “We’re delighted to have been able to support a fantastic business and management team with this asset refinancing transaction, ensuring Hire and Supplies executes its exciting growth plans which will create new job opportunities in Cumbria.”

Will Brazel, regional sales director at Praetura Asset Finance, added: “This was a complex deal with many moving parts, but one that showcases the support that asset refinance can offer businesses. In this case, it provided significant additional working capital and reduced monthly finance commitments, to support Hire and Supplies growth into new territories.

“The primary challenge here lay in the sheer number of agreements which required settlement. It’s a strong example of how close collaboration between the funder, the business and their broker, PMD Business Finance, can drive swift execution and delivery – funding was completed across three tranches in five working days.”

Chandler praised the finance team’s speed and alignment with business needs: “We’re incredibly thankful to PMD Business Finance who were able to move quickly and use their connections to provide us with this significant refinancing deal in a tight timeframe, and importantly one that was tailored to our specific needs.”