Barnsley manufacturer builds foundations for growth with multi-million pound HSBC funding
A Yorkshire-based manufacturer of construction materials is set for growth after securing backing from HSBC UK.
Naylor Industries has secured a funding package worth £5m in order to invest in new machinery at its sites and increase production capacity.
The company has secured £3m of asset finance in support of capital investment projects. This funding will increase capacity and productivity in two of its businesses.
The first comprises a £2m investment in its Barugh Green concrete lintel factory, which addresses an important capacity constraint with the acquisition of new machinery.
The second is a £1m investment in Naylor’s Wombwell bespoke extrusions business. New equipment at the site will increase running speeds by up to 40 per cent and increase production of the business’s ventilation duct products.
In addition, HSBC UK has provided a £2m overdraft facility to support working capital requirements during the business’s expansion as well as cover for eventualities related to COVID-19.
Edward Naylor, Naylor CEO, commented: “At times like this, we’re pleased to have a broad portfolio of activities included in the business.
“Whilst there is still considerable uncertainty in our core construction markets, we see opportunities for growth in our other markets and are grateful to HSBC UK for supporting our development plans”.
Andy Richardson, relationship director for HSBC UK, corporate banking, added: “Naylor Industries has a long heritage in South Yorkshire, servicing a vast, international customer-base for many years.
“We’re delighted to be supporting the business through these unprecedented market conditions and welcome the company’s decision to continue investing for future growth.”
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