HSBC launches Business Thinking contest

LANCASHIRE’S Elstat Electronics is encouraging business to enter an HSBC competition it benefited from last year.

Elstat, a manufacturer of intelligent programmable thermostats for fridges and freezers, was a regional winner in the bank’s Business Thinking competition.

The contest rewards up to 54 firms by including them in a ‘thought exchange’, or business trip, to emerging markets. Two winners from each region will then stand the chance of winning a £6m loan and £120,000 in cash.

Ged Holmes, Elstat’s managing director said: “Despite China playing a key role in our business strategy before we entered Business Thinking, accounting for around 60% of sales, the Thought Exchange to Shanghai made us realise that we still had a learn to learn about China.

“Since becoming regional winners, we have taken steps to ensure we make a thorough success of our activities in China, including hiring more resource on the ground in China. In addition, we also made some great relationships with other UK businesses – in particular mobile phone and laptop refurbishment and recycling company, SHP. We realised we could help each other to thrive in China and we sub letting SHP Ltd some space and supporting with some resources.”

Mark Tilleray, HSBC’s regional commercial director for the North West said: “We were blown away by the calibre of entrants of Business Thinking 2010 and we hope that Elstat Electronics’ success will inspire other companies in the region to consider entering the latest initiative.

“The real value of the initiative, beyond the winning entrants being awarded funding to achieve their business plans, is the insight and knowledge they will gain from business leaders, and from peers both in the UK and beyond.”

Businesses with turnovers of £2million or more can log onto www.hsbc.co.uk/businessthinking to find out more. Closing date for entries is June 10.