A NEWTON-le-Willows firm, which is looking to unveil nearly 150 new depots within the next few years, has secured financial backing to the tune of £100 million.

Through a syndicate of financiers, including Yorkshire Bank, Speedy Hire, based in The Parks, opposite Haydock Park racecourse, now has the borrowing capacity to ensure its ambitious plans become a reality.

Already the 26-year-old firm has established itself as a major player in the hire industry, with more than 250 outlets nationwide, from its principal tool-hire business, to offshoots in storage containers, power plants, engineering and surveying.

Yorkshire Bank has previously provided Speedy with finance totalling £10 million so it can purchase a range of new plant and equipment.

Finance director Neil O'Brien said: "We're delighted the bank will be providing a greater share of funding through his new deal and are looking forward to it being a vital source of capital for us in the years ahead."

The group's expansion strategy, for the next five years, will centre on a combination of new acquisitions and handpicked green field developments.

Back in April an early indicator of Speedy's aspirations was evident, as a new Scottish division was launched, boasting 20 depots covering territory from Aberdeen to northern England and employing more than 160.

And just last month Speedy Hire bought out rivals Ashtead Plant Hire's compressed and high-pressure air division in a deal totalling nearly £4 million.

Turnover has steadily increased at the Newton PLC year-on-year, rising from £118.9 million last year to £147 million in 2003.

Likewise operating profits, which have shown a steady improvement increasing by 24 per cent to £24.5 million.