A Midlands manufacturer and supplier of aluminium flat-rolled products has secured a £60m asset-based lending facility from HSBC UK to help diversify its product range and fuel future growth plans. One of Shropshire’s biggest employers, Bridgnorth Aluminium, produces metal strips for lithography printing. The business will use the funding from HSBC UK to diversify into different markets.
Bridgnorth, which has roots tracing back to 1933, will start to manufacture and supply new aluminium flat-rolled products to the drinks industry, helping to increase annual turnover by 40% over the next five years.
Mark Richards, finance manager at Bridgnorth Aluminium, says: “As a business with big ambitions we need to make strategic investments. Over the past 90 years, we’ve held a well-earned reputation for excellence in the lithography industry, which we want to extend into the drinks and retail markets. It’s an incredibly important and exciting milestone for us and we’re happy to have HSBC UK as a funding partner to help us on our new journey.”
The £60m, fully integrated ABL facility provides Bridgnorth with a significant increase in liquidity, allowing the company to invest in its future growth plans in a controlled and structured way.
Mark Lewis, relationship director at HSBC UK, says: “Bridgnorth has all the hard-working characteristics and heritage you’d expect from a long-established Midlands manufacturer, as well as the ability to look ahead through the lens of innovation. This is a pivotal move in the company’s history and is set to lay the foundations for a new, exciting chapter in Bridgnorth Aluminium’s story.”
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