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Rental firm reveals re-financing
6:01am Saturday 14th June 2014 in Business News
A VEHICLE rental company with headquarters in the North-East has completed a re-financing exercise.
Northgate Vehicle Hire, which was founded in Darlington, says it has increased its multi-bank facility by £113m to £534m.
Maturity has been extended by a year to June 30 2018.
Chris Muir, group finance director, said: “The amended facility reflects the improved strength of the business.
“It provides the group with further operational and financial flexibility to maximise opportunities for growth where the appropriate return exists.”
The company, which has depots in Stockton, North Shields and Blaydon, near Gateshead, as well as head offices in Lingfield Way, Darlington, last year revealed plans to open at least 20 branches across the UK after a rise in profits.
The firm employs about 1,800 people across the UK and about 800 in the region.
It also has a Spanish rental division.
Northgate started life as Noble Self Drive in 1981, when Alan Noble set up business from his Darlington home.
In 2010, it began the process of bringing its 22 separate businesses together under the Northgate brand, and regional offices were closed, resulting in a small number of job losses.
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