State Securities provides immediate assistance in 9.3million buy-out of Cox Plant

State Securities has assisted in a successful 9.3million buy-out of Cox Plant, the nation-wide plant and tool hire specialist.

Just a week before completion was due a syndicate that were providing finance of 1.5 million pulled out. State Securities, a leading asset funder, were approached by Cox Plant to see if they could replace it. Within a record five days, the funder completed the deal that included a site valuation of the equipment, proof of title to the goods and legal charges put in place.

Andrew Bullard, Sales Director at State Securities said, We were under a very tight deadline but our Sale and Leaseback facility and extremely dedicated team meant we were able to apply a swift turnaround time. State Securities are adept at applying a ‘can do attitude and are expert at offering entrepreneurial commercial funding solutions. We have tremendous confidence in the new management organisation at Cox Plant and believe they will go from strength to strength."

Keith Price, Managing Director of Cox Plant Limited commented, We knew that with the syndicate of private funding falling through we had very little time to complete the deal with Andrews Sykes. State Securities came in late but performed superbly on both delivery of the funding as well as making the transaction itself as smooth as possible. We were very pleased with progress up to completion and the arms length approach they have employed throughout."

The buy-out sees Cox Plant move back into private ownership from the AIM-listed Andrew Sykes Group. The company will continue to trade as Cox Hire Centres from its 24 existing depots. All of the workforce at the companys centre in the West Midlands will be retained, along with 230 employees at Cox Hire throughout the country.

-ENDS-

FOR FURTHER INFORMATION CONTACT:

Sarah Thomas
Le Fevre
Sarah.Thomas@lefevre.co.uk
T 020 7563 6400   

Jo Macklin
jmacklin@statesecurities.plc.uk
T 01489 775600

NOTES TO EDITORS:

State Securities assists customers who are looking to raise finance for the acquisition of new or used assets, along with the re-financing of assets already owned by the business. It also provides commercial mortgages for properties such as factories, warehouses, offices and retail outlets.

State Securities works with a wide range of clients, including public and private limited companies, partnerships and sole traders as well as companies which have difficulty in raising finance in a short period of time, for example new start businesses and businesses in corporate or individual voluntary arrangements.

State Securities has over 20 years experience in the asset financing market.