£70m facility will enable further growth of family-run Fox Brothers

£70m facility will enable further growth of family-run Fox BrothersBlackpool-based Fox Brothers is on the road to growth following a £70m asset-based lending facility from NatWest bank.Syndicate bank, HSBC UK, will support increasing the group’s plant hire and haulage fleet, creating a more efficient way to procure assets.Fox Brothers was founded in 1932 by Jack Fox, who handed the reins 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 haulage, plant hire and aggregate business.The ABL facility will allow the group to improve and future-proof its ability to continue to provide quality plant hire to 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 it continues its growth journey.Chief executive, Paul Fox, 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.”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, said: “We look forward to seeing this family-led business to go from strength to strength as it continues its growth journey.”The deal was supported by Adam Fordham, HSBC UK business development director, global trade and receivables finance.Fox Brothers employs 850 staff across all parts of its business, holding 32 national sites across the UK.