Engineering supplier to create more than 25 jobs following £1.5m refinance
A Lincolnshire-based supplier to some of the world’s most demanding fuel, hydraulic and other critical fluid conveyance applications is going for growth after securing a £1.5 million refinancing package from HSBC UK.
SL Engineering says it now wants to double its turnover to over £12 million by 2023 and intends to add 28 new members of staff to its workforce.
The Sleaford company has already made a series of investments in state-of-the-art equipment including all-electric bending machines and three and five-axis machine tools to produce quality end fittings.
The investments are set to boost SL’s turnover by 100 per cent and will necessitate the recruitment of new staff, raising the firm’s total headcount to 105 people.
John Pickard, joint managing director at SL Engineering, said: “We’ve invested heavily to deliver rapid business growth over the past few years. On the back of this, we really needed to work with a banking partner that understands our challenges and can offer the support required to efficiently deliver additional growth. We feel confident our new banking partner, HSBC UK, will help us achieve this and would like to thank our relationship manager, Ian Green, who has helped us throughout the switch.”
Paul Armstrong, area director at HSBC UK, added: “SL Engineering has ambitious growth plans and we’re pleased that they have come to us for support. We’re looking forward to working closely with the team in the coming years.”