Andrew Industries refinances with HSBC

LANCASHIRE manufacturer Andrew Industries has refinanced following a switch to HSBC.

The £128m turnover business, based near Accrington, makes needle felt which is used in a range of industrial processes.

The firm, which has factories in India, China, Mexico and the US, said it had chosen HSBC because of its international reach.

A spokesman said the firm had agreed a new revolving credit facility to refinance existing debt and provide additional headroom.

Finance director Ian Lord said: “Our business requires a banking partner which can support our global business with a genuinely strong international offering and help us facilitate growth in new and existing territories swiftly and simply.”

Alan Rigby, HSBC head of corporate banking in the North West, said: “Recent acquisitions and expansion have demonstrated the company’s ability to identify opportunities for growth in emerging markets, as well as growing its existing business in the US.

“The business highlights the quality manufacturing heritage which the North West, and indeed the UK can boast and which is putting the region on the map globally. We urge businesses across the region to heed their example and consider the potential in both emerging and established markets.”

The family-owned business was founded in 1894 by the grandfather of chief executive Ted Andrew.