Olaer banks on HSBC

INDUSTRIAL giant Olaer Group, which makes components used to make aircraft and drive wind power turbines is planning further international growth after refinancing and switching its banking facilities to HSBC.

The private equity owned company, which has annual sales of more than £100m, previously banked with Bank of Ireland, but has now moved to HSBC’s North West Corporate Banking team in Manchester.

Since it was established in 1939, Olaer has grown to encompass operations in 20 countries across five continents.

Alan Rigby, HSBC Head of Corporate Banking in the North West said: “Olaer Group is a prime example of a world, and industry, leading business with solid forward-looking ambitions.

“We firmly believe that the strength of the Olaer brand, along with the superior quality of its products will help to make it a success in any further international markets it enters in the future.”

Mike Kay, finance director, at Deeside-based Olaer said: “The unrivalled international presence of HSBC, along with its ‘on the ground’ support, will further drive our international ambitions which have already seen Olaer establish partnerships with the major operators worldwide to provide customers with personalised and unparalleled levels of close support.”

Law firm Eversheds advised HSBC on the transaction, while DLA Piper acted for Olaer .The Manchester finance team was led by Matthew Christmas and Sara Levy, and advised on all aspects of the refinancing.