GAP plans to use the finance to help double turnover from £140m in 14/15 to £300m and to purchase property of £50m over the five years.

The funding, one of the largest ABL deals for a Scottish company, was agreed by a four bank club lead by RBS and supported by Barclays, Wells Fargo Capital Finance and PNC Business Credit. KPMG advised on the deal.

The new arrangement replaces a previous £75m asset-based lending facility from RBS.

GAP was formed in 1969 by Gordon Anderson. It is still family-owned and run by joint managing directors, Douglas and Iain, Gordon’s sons.

The company’s core service is the hiring and supply of plant, tools and lifting equipment nationwide. In 2014 it established three new divisions which, with the new funding, it hopes to further grow, including welfare services such as toilet hire, event services with products such as barriers, lighting and temporary flooring, and survey and safety equipment hire. GAP Group has more than 110 depots across the UK and employs around 1,300 staff.

Andrew Stewart, financial director at GAP Group, said the new financial arrangement will put the group on a secure platform for future growth. He said: “We’ve built our business on trust, honesty and integrity - a set of core family values which underpin everything we do. With the financial security and flexibility to further grow our business, we are looking to the future with confidence. We were encouraged by the positive reaction shown by potential financial partners, and with the close support of our financing advisers KPMG we were able to improve on our existing banking terms to support our growth ambitions.”