Steel products business increases productivity through £5.4m support
More than £5m of funding support will help a Manchester steel products supplier expand through the acquisition of new hardware.
HSBC bank has provided a £5.4m package for Thomas Storey Fabrications to buy a new laser cutter that will be used to produce cut parts for the fabrication of mild steel products.
The new equipment will improve onsite energy efficiency by up to 28% and improve product quality and is expected to increase productivity and turnover as it works three times faster than the fabricator’s current laser cutters.
The business has also used the funding to invest in new invoice financing and refinancing software, which will enhance cashflow and facilitate sustainable growth, and help to significantly upskill its current workforce.
Thomas Storey Fabrication anticipates an increase in turnover of £1m over the next 12 months as a result of the bank’s funding.
Jo Atkinson, Thomas Storey Fabrications managing director, said: “We are extremely excited about the opportunities HSBC UK funding has unlocked. The acquisition of our state-of-the-art laser cutter will enable us to increase the output of high quality products.
“Enhanced cash flow will also help us to enter new markets with greater efficiency. Our company has achieved a great deal since it was originally founded nearly a century ago and we are really excited about this next stage.”
Darren Martin, relationship manager at HSBC UK, said: “It’s fantastic to support Thomas Storey Fabrications with its next phase of growth. Its new laser cutter promises greater productivity, and our refinancing assistance will provide it with a wealth of growth opportunities.”
Founded in 1930, Thomas Storey Fabrications says it is one of the largest privately-owned suppliers of steel fabricated products in the UK.
It supplies steel products such as fuel/hydraulic tanks, chassis, and other large batch products to a range of multinational equipment manufactures and small start-up companies. It boasts a 110,000 sq ft site which employs 135 people in Openshaw.
