Established in 1932, Blackpool-based Fox Brothers specialises in the supply of plant hire and haulage of aggregates, recycled materials, muck shift and earthworks.

The Lancashire family firm is part of Fox Group which has expanded its reach in the past three years through organic growth and acquisitions. Today, the group offers its services across England through 32 locations, a 350-wagon fleet, and 4,500 items of plant and machinery.

As a major user of motor vehicles, plant and technologies, Fox Brothers is regularly reviewing its operations and monitoring its carbon emissions to reduce its environmental impact by focusing on fuel management, integrated route planning, and investments in its fleet. In June 2022 Fox Group introduced electric tippers, followed by the UK’s first electric crusher in October last year. 

Seeking to secure funding to future-proof its plant hire and haulage business as well as support further acquisitions, Fox Brothers turned to NatWest to help structure a suitable debt package.

New to the bank, the NatWest deal team discussed in detail Fox Brothers’ business strategy and resulting short- and mid-term financing requirements. Based on these conversations, the NatWest team proposed a syndicated £70 million Asset Based Lending (ABL) facility, and – capitalising on its market position for arranging syndicated ABL deals – introduced another lender to Fox Brothers. NatWest and the syndicate partner each took a 50% hold in the financing package. 

Paul Fox, Chief Executive Officer at Fox Brothers, said: “This ABL funding is a welcome development for our business, as we embark on the next phase of our journey. We are keen to enhance our long-standing position within our industry, and this debt facility provides extra security when we scope out new acquisition opportunities in the nearer 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 this new partnership with NatWest.”

Andrew Barraclough, NatWest’s Head of ABL Origination, said: “We are absolutely delighted to support Fox with this facility which will allow them to continue to provide high quality plant hire to the many sectors they serve. This transaction also showcases NatWest’s standing as a ABL provider and is yet another example of multiple specialist teams within our bank working closely together to ensure the best outcome for our customer. We look forward to seeing this family-led business go from strength to strength as it continues its growth journey.”

IMAGE: © Fox Brothers