Specialist commercial vehicle provider Go Plant Fleet Services is planning to expand after attracting new funding.
The company, which delivers a wide range of fleet management solutions to both the public and private sector, has secured £13.5 million from Secure Trust Bank Commercial Finance.
The funding will go towards new depots to expand Go Plant Fleet Services’ national footprint. It will also make strategic acquisitions that will increase the fleet supplier’s market share and boost its growing workforce.
The finance, which replaces an existing capital facility, will also be invested in IT infrastructure.
Go Plant Fleet Services, which remains based at its original headquarters in Leicestershire, merged with Lincolnshire-based Essential Fleet Services last year – a move backed by private equity house Endless.
This enabled significant expansion, the launch of an owned spot hire fleet and investment in ‘back to black’ Beam sweepers, creating the largest fleet in the UK.
Go Plant Fleet Services has sales of more than £70 million and employs more than 500 staff across 38 depots nationwide.
Mark Gallimore, commercial director at Go Plant Fleet Services (pictured), said: “We’re committed to developing a business of quality and scale.
“Our senior management team required a facility that would help us achieve strategic goals by developing national coverage. Secure Trust Bank worked hard to deliver a bespoke funding solution and we’re looking forward to accelerating our growth with the additional capital now at our disposal.”
Sean Powell, national sales director at Secure Trust Bank Commercial Finance, said: “The specialist vehicle fleet management market is highly fragmented and under professionalised, which presents both a challenge and an opportunity to ambitious companies.
“With this new line of funding, Go Plant is in a position to capitalise on this and look at making strategic acquisitions to bolster its influence. We’re confident the business can continue to expand both organically and through acquisitions.”
