GAP Group mulls future plan
Glasgow-based GAP Group (GAP), the largest privately owned plant and tool hire business in the UK, is set for further growth thanks to a three-year Asset Based Lending commitment of up to £70m from RBS Invoice Finance (RBSIF).
GAP operates in 67 locations across the UK and recently opened a new plant and tool depot and non mechanical depot in Tewkesbury. The £70m package from RBSIF will help GAP achieve its ambition of opening at least three to four new sites per year in order to continue the expansion of its plant and tool, non mechanical and lifting divisions. The company draws its customers from a wide range of sectors, including the rail and utilities industries and the public sector. With a turnover of £85m in the financial year ending March 2012, it is forecasting revenue to increase by 12% to £95m for the current financial year. Owing to their strategic planning and implementation, GAP has been placed on a stronger financial footing and has grown its market share among utility and local authority clients during recent years.