Pendragon Contracts, the contract hire division of motor group Pendragon, has secured an agency funding facility, potentially providing up to £20m, with Barclays Corporate.
The facility will enable Pendragon Contracts to provide increased contract hire facilities to its clients which include major blue chips companies across a diverse range of industries.
The deal is yet another major milestone for Barclays Corporate as it looks to increase its support for the contract hire sector. The bank already has relationships with around 60% of the independent market.
Alex Brown, head of Asset Finance, Barclays Corporate, said: “The fleet market is extremely important to us and asset finance, as a product, has a crucial role to play in the recovery of the wider UK economy."
Neal Francis, managing director of Pendragon Contracts, added: “The funding facility we have secured with Barclays will enable us to obtain more competitive and long-term contracts for our clients, and expand our business services portfolio into the marketplace. This is excellent news for all our customers.”