Greater Manchester steel supplier forges strong future with help from HSBC UK
A Greater Manchester-based steel products supplier has secured a seven-figure funding package from HSBC UK to acquire new equipment and boost growth.
Thomas Storey Fabrications has used a £5m funding package from HSBC UK to purchase a new laser cutter, which will be used to produce cut parts for the fabrication of mild steel products. The Mazak Optiplex Fiber III will improve onsite energy efficiency by up to 28% and improve product quality. The laser cutter is also expected to increase productivity and turnover as it works 3 times faster than the fabricators current laser cutters.
The business has also used the funding to invest in new invoice financing and refinancing software, which will enhance cashflow and facilitate sustainable growth, and help to significantly upskill its current workforce.
Thomas Storey Fabrication anticipates an increase in turnover of £1m over the next 12 months as a result of HSBC UK funding and the efficient products this enabled it to be purchased.
Jo Atkinson, managing director of Thomas Storey Fabrications, said: “We are extremely excited about the opportunities HSBC UK funding has unlocked.
“The acquisition of our state-of-the-art laser cutter will enable us to increase the output of high-quality products. Enhanced cash flow will also help us to enter new markets with greater efficiency. Our company has achieved a great deal since it was originally founded nearly a century ago and we are really excited about this next stage.”
Darren Martin, relationship manager at HSBC UK, added: “It’s fantastic to support Thomas Storey Fabrications with its next phase of growth. It’s new laser cutter promises greater productivity, and our refinancing assistance will provide it with a wealth of growth opportunities. The business is a great example of a UK manufacturer performing well across multiple markets and we look forward to seeing its continued success.”
Originally founded in 1930, Thomas Storey Fabrications is one of the largest privately owned suppliers of steel fabricated products in the UK. It supplies steel products such as fuel/hydraulic tanks, chassis, and other large batch products to a range of multinational equipment manufactures and small start-up companies. It boasts a 110,000 sq ft site which employs 135 people in the East Manchester area.
By Mark Adair – Correspondent, Bdaily
- Add me on LinkedIn and Twitter to keep up to date
- And follow Bdaily on Facebook, Twitter and LinkedIn
- Submit press releases to firstname.lastname@example.org for consideration.
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →