Ogilvie Fleet looks to expand after receiving Barclays corporate funding stream
Parent company Ogilvie Group, the Stirling-headquartered business with construction, house building, communications and commercial development divisions as well as a 10,500+ vehicle leasing operation, has appointed Barclays Corporate as its new corporate bankers.
Already significant funders to Ogilvie Fleet through its Asset Finance arm, Barclays Corporate has structured an additional and increased borrowing facility which is available to Ogilvie for use across all of its operations, providing greater liquidity to the Group.
Following the decision that Barclays Corporate has replaced Royal Bank of Scotland, which had funded Ogilvie Group for 12 years, Gordon Stephen, managing director of Ogilvie Fleet, said: ‘The new funding stream ensures that the fleet division, just like the rest of the Group, has access to funds to achieve its growth aspirations.
‘In a challenging economic climate in which we regularly hear that funding is difficult to obtain for many businesses, the willingness of Barclays Corporate to work with Ogilvie Group underlines the strength of the organisation, including its fleet division.’
Andy Hall, head of business development for Barclays Corporate in Scotland, said: ‘Duncan Ogilvie [Ogilvie Group chief executive] and his team have managed market risks really well through the cycle and while we are sure they will continue to expand cautiously, it seemed to us that providing more capacity to help Ogilvie play its part in sector recovery was a decision justified by their track record and strong balance sheet.’