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Near 拢100m boost for tool rental firm HSS Hire as full-year earnings set to beat expectations

The group completed a £54m fund raise towards the end of 2020

HSS Hire is headquartered in Manchester(Image: PA)

Tool rental firm HSS Hire has secured a near £100m boost as it revealed its full-year earnings are set to be ahead of market expectations.

The Manchester-headquartered group has entered into a new term loan facility of £70m and a revolving credit facility of £25m to refinance its existing corporate debt.

In a statement issued to the London Stock Exchange, the firm said the refinancing will "materially reduce" the ongoing annual interest charge to approximately £3m, "driving a significant increase" in earnings per share.

READ MORE: Gen Z recruitment platform Hundo raises $2m to scale up

The move comes after HHS Hire changed its operating model and completed an equity placing in late 2020.

The facilities will be provided by HSBC and NatWest and will mature in November 2025 with the opportunity to extend by a further year.

The group also said its trading since its half-year results update, announced on September 30, "continues to be strong" and management now expects its full-year EBITDA and EBITA, on a non-IFRS16 basis, to be "slightly ahead of market expectations".