Corporate team provide legal advice to Progress Group
The business, based in Dewsbury, West Yorkshire, sells, rents and installs generators and emergency power equipment to industrial and commercial clients worldwide.
Progress, established in 1956, has expanded into the UK’s leading dealer of FG Wilson diesel generating sets. It is now looking to further expand its fleet of hire equipment and sees the rental sector as a growth area with customers who want to reduce capital expenditure.
Andrew Walls, of Ethos Corporate Finance, led the deal that involves a total of £4.4m of lending provided by HSBC Bank and HSBC Invoice Finance to replace existing facilities, and provide the required cash reserves that are needed to grow the business.
The funding package comprises a term loan of £900,000, a £1.5m asset finance facility and an international trade facility of £500,000 all provided by HSBC Bank.
A working capital facility of £1.5m was also provided by HSBC Invoice Finance. Jonathan Simms from our corporate team provided legal advice to Progress Group.
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Source: The Business Desk