AFI-Uplift refinances for growth
By Maria Hadlow24 August 2010
UK powered access rental company AFI -Uplift has agreed a multi-million pound refinancing package in order to support growth.
The arrangement has been made with Santander's Yorkshire corporate banking team, which has developed a solution to meet AFI's ambitions: it is a flexible package designed to help the management strategic develop the business
AFI underwent a MBO (management buy-out) in 2006, and has grown to become one of the UK's largest powered access rental companies with a rental fleet of over 4000 units across 18 depots. It has recently opened a new depot in London, less than two miles from the 2012 Olympic site.
David McNicholas, finance director at AFI-Uplift said, "AFI has achieved rapid growth since our MBO in 2006 and the deal we have been able to arrange with Santander puts AFI in an excellent position to take advantage of any strategic opportunities presented by the current market.
"The team at Santander arranged this refinancing package in a way which is perfectly aligned to our ambitions for the company. They really got under the skin of AFI, and I look forward to working with the Santander team as our relationship develops over the coming months and years."
Jonathan Thompson, relationship director at Santander's Yorkshire Corporate Banking Centre, said, "Santander Corporate Banking is committed to supporting and building long term relationships with strong, viable businesses such as AFI. We have great confidence in the company's management, business model and growth strategy, and we have developed a bespoke funding package of invoice discounting, asset finance and treasury facilities to support AFI through the next phase of its development."