Speedy Hire

Case Study

Speedy Hire issues Senior Secured Notes to achieve greater liquidity and flexibility

Based in Newton-le-Willows, UK, Speedy Hire plc is a leading tools and equipment hire services company in the UK and Ireland.

At a Glance

The PGIM team has maintained a regular direct calling relationship with Speedy Hire since 2008. In December 2024, the Company started working with us on a transaction to refinance an existing asset-based lending facility with an RCF and Private Placement, increasing the Company’s overall facilities and providing greater liquidity and flexibility.

In April 2025, PGIM provided Speedy Hire with £75 million of 7-year Senior Secured Notes, providing tenor and a diversification of funding sources for the Company’s capital structure. The Notes were priced during a period of significant capital markets volatility, demonstrating our ability to continue supporting borrowers and remain open for business.

Speedy Hire chose to partner with us due to (i) our longstanding existing relationship, (ii) our deliverability and consistency of capital, and (iii) our differentiated capital solutions.

We were glad for this opportunity to formalise our relationship with Speedy Hire through this transaction, and we look forward to working alongside the Company in the future.

Relationship Since 2025

Transaction details:

£75,000,000 Senior Secured Notes

“The refinancing marks a significant step in supporting Speedy Hire’s Velocity strategy, providing long-term funding for key initiatives and organic growth. The private placement forms a core component of this strategy, delivering fixed-rate funding that enhances financial flexibility and underpins the Company’s commitment to long-term, sustainable growth. The successful execution of the transaction—despite recent volatility in debt markets—demonstrates both the strength of Speedy Hire’s credit profile and confidence in its strategic direction.”

Paul Rayner, CFO, Speedy Hire plc