Haulage and plant hire company Fox Brothers has received a £70m funding package from two banks to increase its fleet and pursue acquisition opportunities.
NatWest and HSBC UK have provided the asset-based lending (ABL) facility to the North West business to enable it to ‘future proof’ its position in the sector.
Paul Fox, chief executive at Fox Brothers, said: “This ABL funding from NatWest and HSBC is a welcome development to our business, as we embark on our next phase of our journey. We are keen to enhance our long-standing position within our industry.”
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“The ABL will give us extra security when we scope out new acquisition opportunities in the near future.”
Fox Brothers is a fourth-generation family run business, with 850 employees across all parts of its business and 32 national sites across the UK.
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