Scot Group Ltd, an independent vehicle rental company, has
arranged a three-year working capital facility worth £15 million
from GE Capital. The funding will be used to finance anticipated
growth, GE Capital said.

“In total, flow-through funds are expected to reach £60m per
annum,” the finance provider added.

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Scot Group owns the Thrifty Car & Van Rental and Dollar
Rent-A-Car UK franchise, with a fleet of some 12,000 vehicles
operated from 90 locations, making it the fifth-largest rental
company in the UK.

The business opportunity was brought to GE Capital’s attention
by the Bristol office of Grant Thornton, the lender noted.

Peter Granados, financial director at Scot Group commented: “As
with all automotive companies, we have worked hard through a
challenging 18 months and now find ourselves in an extremely strong
position. 

“We have a number of major corporate customers together with an
ever-increasing share in our retail markets and, with the
innovative funding package from GE Capital, which replaces our
existing overdraft and offers additional term debt, we are able to
further grow the company.”

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“Other lenders have withdrawn from lending to automotive
companies but we believe in supporting well-managed, successful
businesses regardless of the sector they operate in.  The
management team at Scot Group is incredibly strong, with decades of
experience. 

“In addition, our background in the fleet industry means that we
fully understand Scot Group’s business so can bring added value to
the table,” added Shaun Hyland, regional director at GE
Capital.