Rockpecker, manufacturer and designer of PDC (polycrystalline diamond compact) drill bits for the oil and gas and construction industries, has bought a new production plant in Nottingham with the support of a £250,000 commercial mortgage from HSBC.
In addition, HSBC has provided a further £81,000 to cover additional costs and fund the refurbishment of the premises.
The new production facility is the company’s first in the UK and will help the business achieve its growth ambitions. This includes growing its revenue beyond £50m within five years and the creation of a separate dedicated research and development facility that will partner with universities in Nottingham and Derby to co-fund research projects.
Rockpercker also plans to double its research and development team by hiring four additional dedicated specialists.
Rajnish Kumar, director and founder of Rockpecker, said: “HSBC has provided us with support needed to bring Rockpecker to the UK and to Nottingham. Not only have they helped provide funds to purchase and expand our premises, they have also been valuable business advisors.”
Paul Smith, area director business banking in Nottinghamshire and Derbyshire, added: “I am pleased we have been able to be support Rockpecker to purchase their first UK production facility and achieve their growth plans. HSBC is proud to back ambitious businesses like Rockpecker and we look forward to our continued work together.”
Rockpecker operates across Europe, North America and South East Asia. The business supplies 16 companies globally and currently processes 200 orders a year.