Microlise, the commercial vehicle telematics provider, has refinanced its banking facilities with HSBC UK to support product development, international expansion and job growth.
The finance includes a £2.5 million Revolving Credit Facility, which will be used to provide working capital for product development and job creation. Microlise expects to grow its turnover from £51 million to £60 million by 2020.
Microlise specialises in telematics, a technology to monitor vehicle performance, driver behaviour and vehicle location. The business currently operates in India, Australia, France, the USA and the UK. HSBC UK’s global footprint will enable Microlise to streamline its international banking requirements in these regions.
Bill Wynn, Chief Financial Officer at Microlise, commented: “From the initial engagement, we’ve received first class support from Phil Carr, Jack Coley and their colleagues at HSBC UK. Being a global organisation, we have banking needs across multiple countries and the guidance we’ve received from both the bank’s UK and local teams has made this process painless.”
Roger Pratt, HSBC UK Area Director for Corporate Banking, said: “Microlise came to us with a requirement for a seamless financial provision across its market regions and we delivered a finance package in line with the business’s ambitious expansion plans. We look forward to working with the team at Microlise as they embark on this exciting growth period.”
In addition to the Revovling Credit Facility, HSBC UK provided further finance to support the business’ shareholder reorganisation.
Microlise’s switch to HSBC UK was led by Relationship Directors Phil Carr and Jack Coley, and supported by Peter Bate, Stuart Sewell and Neil Mistry of KPMG, Graham Elsworth, Vinod Patel and Richard Rose of BDO, Richard Underwood of Legal Clarity, and David Doogan of Pinsent Mason.