Phoenix rises with £1.5m investment
Wednesbury-based Phoenix Vehicle Hire has secured a £1.5m confidential invoice discounting facility from asset based lending specialist, Leumi ABL. The working capital facility has supported the company in its acquisition of some of the trade and assets of PFB Self Drive.
The company operates in the municipal and commercial vehicle hire sector, and has a fleet of more than 1,000 vehicles.
Jason Holland, Midlands regional sales director at Leumi ABL, said: “By retaining most of the municipal hire business, Phoenix has a solid debtor base with strong covenants and the business is well placed to build on an established reputation.
“Phoenix is one of many entrepreneurial businesses to have benefited from Leumi ABL’s expertise in asset based lending over the past few months as new opportunities emerge from the slow economic recovery.”
Patrick Tierney, managing director at Phoenix, is the former chief executive of Go Plant, which he led in a management buy out in 2007, worth £3.5m. He was backed by parent company Graphite.
