Northbridge Industrial Services, a provider of specialist industrial equipment, has received a global banking package from HSBC UK including a £10 million Revolving Credit Facility to support its working capital and wider expansion plans, following the appointment of HSBC UK as its global banking partner.
Based in Burton-on-Trent, Northbridge, through its largest division, Crestchic, is a designer, manufacturer and renter of specialist loadbanks and transformers, which are used in the testing of power supplies.
The facility will not only provide greater flexibility to the business, allowing it to redeem previous loan notes with shareholders, but will also support its future growth strategy via increased working capital and development funding.
Northbridge intends to use the development funding to build a new site, between the company’s two existing Crestchic sites in Burton. The new facility will increase capacity by up to 50 per cent and create around 30 new jobs.
The additional capacity will help to decrease sales lead times and support the increased manufacture and housing of stock for overseas markets.
Iwan Phillips, Finance Director at Northbridge Industrial Services, said: “The global banking package and support from HSBC UK not only delivers a more cost-effective solution for our business but also provides us with a greater degree of flexibility as we look to expand and strengthen our offering across key markets in the US and Europe.
“The team at HSBC UK really understood our vision and we were impressed with the speed of delivery of the facility. Alongside supporting our planned site development, the facility will also fund the growth of our hire fleet to ensure we meet the increased demand for our products and services.
“This is an important milestone in our growth strategy, as we develop our offering across critical infrastructure, datacentres, healthcare, as well as the growing renewable energy market.”
Liz Fuge, Area Director for HSBC UK in the East Midlands, said: “We were delighted to support Northbridge Industrial with a global banking facility and it’s great to see the continued growth and development by the team, particularly across its international markets.
“During a challenging period for many, it’s encouraging to see businesses now pushing forward with expansion plans as we come out of lockdown. We look forward to continuing to work with the company to help realise its future growth ambitions.”
Northbridge Industrial works with major industries including healthcare, oil and gas, marine engineering and data centres. Operating through divisions Crestchic Loadbanks and Tasman Oil Tools, the business works across seven major international hubs, supported by a worldwide network of depots and agents.