A Nottinghamshire manufacturer and wholesaler of electrical components has purchased its first ever premises to support the launch of its new third-party logistics venture, after securing a seven-figure commercial mortgage from HSBC UK.
The funding has enabled SAC Electronics to move from a 14,000 sq.ft. leased unit in Mansfield to a 32,000 sq.ft. freehold premise in Hucknall, more than doubling its physical footprint.
The investment will not only secure the company’s future but also support the launch of SAC Storage, a new separate entity, which will allow existing customers and local businesses to store large quantities of stock purchased in bulk due to supply chain disruptions and long lead times caused by the pandemic.
The company, which predominantly supplies its products to retailers and Trade Counters, hopes to continue to expand both businesses across the UK over the next few years.
Frank Doherty, Managing Director of SAC Electronics, owner of SAC Storage, said: “Despite the challenges we’ve faced over the last 12 to 18 months, we’re now in a good position to grow the business at a faster rate than ever before.
“With our new premises and the launch of SAC Storage, we’re excited about the future and would like to thank our Relationship Manager at HSBC UK, Mark Greasley, who clearly understood our ambitions and growth potential.”
Paul Armstrong, HSBC UK Area Director for East Midlands, added: “HSBC UK is committed to helping businesses realise their ambitions. We were pleased to support SAC Electronics, providing funding to allow the business to take an important step in its growth journey while responding to the needs of its customers.”
Founded in 1955, SAC Electronics is a manufacturer and wholesaler of aerial, satellite and security products.