Hewden credit deal signals more investment

Leading UK rental company Hewden has announced access to significant new funds after securing a £135 million (€185 million) credit facility.

The announcement followed recent changes in management at Hewden, with Adrian Murphy succeeding Kevin Parkes as chief executive officer at the end of January.

Hewden struck the agreement with six international financial institutions led by the Bank of America, and chief financial officer Darren Woods said the money will be central to the company’s growth strategy in the future.

Mr Woods commented: “The new debt facility will enable Hewden to further its market penetration as we continue our aggressive investment strategy in new assets. In the past 24 months we have placed orders for more than £100 million (€137 million).

“This year will see a continuation of this plan as the company establishes its position at the forefront of the UK plant rental industry, and the new deal provides access to funds which will help us deliver against our 2015 objectives.”