Rotherham manufacturing startup to springboard growth plans with multi-million pound HSBC fund

A startup business, which manufactures bed springs, is moving forward with its growth plans after securing a multi-million pound funding package from HSBC.

Wolf Components was established in Spring 2017 after owners Anthony Joyce and Stephen Baul spotted an opportunity in the market for British-made bed springs to supply British mattress manufacturers.

The funding provided by HSBC has enabled the business to purchase manufacturing machinery for its Rotherham-based factory.

The business currently employs 12 people and plans to double the workforce over the next 12 months.

The funding will support Wolf Components’ aim of becoming a £13m turnover business within three years.

Anthony Joyce, owner of Wolf Components, said: “Since establishing the business earlier this year we have focused on setting up a UK manufacturing base and understanding the requirements of our clients.

“The funding package from HSBC puts us in a great position to move forward with our growth plans, which includes increasing business across the UK and Europe and expanding our local workforce in Rotherham.”

Mike Swift, HSBC’s area director for West and South Yorkshire, commented: “Wolf Components is a great example of the type of dynamic business we are delighted to support.

“The owners have considerable experience and knowledge of the market and have identified a great business opportunity, with strong potential for growth. We look forward to seeing their business thrive.”

The deal was completed by Lee Manterfield, relationship director in South Yorkshire Corporate Banking, Paul Bryne from HSBC equipment finance and by Robert Watson, managing partner at Gibson Booth on the client’s behalf.

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