Do you do business in your region? Sign up to our daily bulletin to keep up-to-date.
Durham’s Kromek secures £3m HSBC funding
Posted by Jamie Hardesty on 16 Mar 2015
Durham-headquartered Kromek, a radiation detection technology company, has secured £3m revolving credit facility (RCF) with HSBC Bank plc ("HSBC").
The funds available through the facility will be used for working capital to support the growth of the business, and facilitate the company in capitalising on the large and increasing opportunities that it continues to develop across its target markets.
Arnab Basu, Chief Executive Officer of Kromek, said: "We are pleased that HSBC has committed this credit facility to Kromek.
"Whilst we continue to make significant progress with our product portfolio approach, this financing will enable us to accelerate on executing our longer-term strategy to become the preferred component supplier to major OEMs in CT and SPECT and in the supply of network sensors in nuclear markets."
Amanda Murphy, UK Head of Corporate Banking at HSBC, added: "I am delighted that we have had this opportunity to support Kromek: an expanding UK business with a truly global customer base.
"We are very impressed by the Company’s achievements to date, its prospects for growth, and I look forward to watching their progress."