Funding boost for two Yorkshire firms eyeing growth
A ROAD maintenance company and a metals manufacturer are pursuing further growth after securing major funding deals from HSBC.
York-based Lane Rental Services is set to expand its fleet of vehicles with a seven figure finance package from HSBC’s newly appointed corporate banking team.
The business, which specialise in road planing and surfacing, has secured £1.6m of funding from HSBC’s new leadership team appointed to support mid-sized businesses in North Yorkshire and the Humber.
The growing company, whose projected turnover has increased to more than £15m, will use the funding to purchase new planing and low-loader vehicles, enabling the company to increase their capacity and recruit between 20 to 25 new staff.
Mike Reay, managing director of Lane Rental Services, said: “Since our foundation we have offered a wide range of environmental and sustainable solutions in the fields of Highway Maintenance and Recycling. We are keen to expand and meet growing demand and HSBC’s new corporate banking team was there to help. The funding secured will enable us to equip ourselves to take full advantage of new growth opportunities, invest in our workforce and ensure we maintain our upward trajectory.”
The deal was one of the first undertaken by the new corporate banking team in North Yorkshire and Humber, with Andy Follington appointed as area director of corporate banking and David Beaty as regional director of corporate banking for the North.
Meanwhile, a Sheffield metal manufacturer Broder Metals Group, a specialist stock-holder of a wide range of metal products, is looking to forge growth after moving to HSBC in January after a £600,000 funding package was agreed with the bank’s new leadership team, which has been appointed to support mid-sized businesses in South and West Yorkshire.
The funding arrangement will enable Broder to secure larger bespoke contracts, while giving the company confidence that funding is in place to source the materials needed.
Mark Burton, managing director of Broder Metals Group, said: “From a city renowned for steel, we offer knowledge, enthusiasm, expertise and a wide ranging mix of metals and metal products. We are keen to expand by taking advantage of new opportunities and HSBC’s new corporate team was there to help. The funding secured will enable us to tender for larger bespoke contracts confident in the knowledge that the funding is available.”
