Fox Group receives £70m ABL facility to support future growth

By Fox Brothers Group Ltd

24 Oct 2023

fox hs.jpg.jpg

A large North West haulage, plant hire and aggregate business has received a £70m asset-based lending (ABL) facility from NatWest with syndicate bank HSBC UK to support Increasing the groups plant hire and haulage fleet, creating a more efficient way to procure assets.

The ABL facility will allow the group to improve and future-proof its ability to continue to provide the best quality plant hire into the industry along with the fleet being continually renewed.

In addition, it will allow the group the ability to continue to pursue growth and acquisition opportunities as the group continues its growth journey.

Paul Fox, chief executive officer 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.

“The ABL will give us extra security when we scope out new acquisition opportunities in the near future. Also, I would like to recognise the support that Andrew Barraclough from NatWest has given the business throughout the process along with Kerry Kirk the finance director of Fox Group. We are looking forward to starting a new partnership with NatWest and HSBC UK and are looking forward to the future.”

Jason Gledhill at HSBC UK said: “Fox Brothers is a great business in the North West and a key player for the UK construction industry. We’re excited to see how Paul and the team will continue to build the business for many generations to come.”

Andrew Barraclough, head of ABL origination at NatWest, added: “We are absolutely delighted to support Fox with this facility which will allow it to continue to provide high quality plant hire to the many sectors they serve. We look forward to seeing this family-led business to go from strength to strength as it continues its growth journey.”

This deal was supported by Adam Fordham, HSBC UK business development director, global trade and receivables finance.

Fox Brothers is a fourth-generation family run business, with 850 employees across all parts of its business, holding 32 national sites across the UK.

Fox Brothers was founded in 1932 by Jack Fox, who handed the reigns to his son Harold Fox, known as Barney, in the 1970s. When Barney Fox passed in 2007, his grandson Paul Fox aged just 23, took over the business.

Latest news

1

Minister officially opens cutting-edge security operations centre at Burnley College 31-10-24 - Ministeral Visit - Abena Oppong-Asare -5.jpg.jpg

Minister officially opens cutting-edge security operations centre at Burnley College

05 Nov 2024

2

Nybble's Charlotte Knowles appointed to Brewin Dolphin’s Female Founders Board Charlotte Knowles

Nybble's Charlotte Knowles appointed to Brewin Dolphin’s Female Founders Board

05 Nov 2024

3

Rugby legend backs University of Central Lancashire’s push to boost careers in sport Liam Farrell

Rugby legend backs University of Central Lancashire’s push to boost careers in sport

05 Nov 2024

4

Healthier homes on the horizon thanks to business team-up Deyrick Allen, Niamh Allen, Derek Horrocks and Tom Allen

Healthier homes on the horizon thanks to business team-up

04 Nov 2024

5

LCM acquires CorroGuard and strengthens its position as a leading coatings service provider LCM Corroguard email header.jpg.jpg

LCM acquires CorroGuard and strengthens its position as a leading coatings service provider

04 Nov 2024

PC PrestonMacan GIF980x120
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
The Lancashire Festival of Business
FOB 315
Exhibitions
30 Jan 2025

The Lancashire Festival of Business

Impact Conferencing, Burnley, BB12 6QP

09:00 - 16:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
11 Jun 2024 - 04 Dec 2024

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 16:30

Skills Bootcamp in Procurement - Cohort 2
Blue-Modern-Land-Travel-Youtube-Thumbnail-2-1024x576.png.png
LBV Hub Seminars
15 Oct 2024 - 17 Dec 2024

Skills Bootcamp in Procurement - Cohort 2

Community & Business Partners CIC, Blackburn, BB2 3UA

09:30 - 13:00

Bridging The Gap: Connecting business and developers
Nov Preston Tech Connection event banner-2.png.png
LBV Hub Networking
06 Nov 2024 - 06 Nov 2024

Bridging The Gap: Connecting business and developers

Society1 Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Why Trade Internationally?
Chamber Logo.jpg.jpg
LBV Hub Seminars
06 Nov 2024 - 06 Nov 2024

Why Trade Internationally?

Lune Brew Co. Unit 2, Galgate Mill, Ind Est, Chapel Ln, Galgate, Lancaster, LA2 0PR

08:00 - 11:00

mBITfor transformative leadership and coaching
mBIT coach Practitioner.png.png
LBV Hub Seminars
14 Nov 2024 - 17 Nov 2024

mBITfor transformative leadership and coaching

Unlocking Possibilities training venue, 166 Waterloo Road , Blackpool, FY4 2AF

09:00 - 17:00

Avidly Activates UK 2024 - Activate your customer-driven sales and marketing
avidly activates audience having a good time.jpg.jpg
LBV Hub Networking
14 Nov 2024

Avidly Activates UK 2024 - Activate your customer-driven sales and marketing

Everyman Cinema, Holmes Mill, Clitheroe, BB7 1EB

10:00 - 16:00

The Business Network Central & East Lancashire
LBV Header (14).png.png
LBV Hub Networking
14 Nov 2024 - 14 Nov 2024

The Business Network Central & East Lancashire

Mytton Fold, Blackburn, BB2 7NP

11:30 - 14:15

LBV119 Magazine Launch Event
DSC9389
Networking
20 Nov 2024

LBV119 Magazine Launch Event

Stonyhurst College, Clitheroe, BB7 9PT

16:00 - 18:00

Live Work Create: Building Community In The Modern World
Live-Work-Create-Building-Community-1024x1024.png.png
LBV Hub Networking
20 Nov 2024

Live Work Create: Building Community In The Modern World

Society1 Coworking Space, Preston, PR1 3LT

18:00 - 20:00

North West HR Employers Forum
CBP-logo LBV.png.png
LBV Hub Seminars
20 Nov 2024 - 20 Nov 2024

North West HR Employers Forum

Wham Stadium, Accrington Stanley, Livingstone Road, Accrington, BB5 5BX

09:00 - 12:00

Blackburn & Darwen Youth Zone Quiz Returns for 10th Year!
Quiz Pic.jpg.jpg
LBV Hub Fundraisers
21 Nov 2024 - 21 Nov 2024

Blackburn & Darwen Youth Zone Quiz Returns for 10th Year!

Accrington Stanley Football Club, Accrington, BB5 5BX

17:00 - 20:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV118 Online Graphic
Subscribe now

Weekly news bulletin