Safelok eyes emerging markets

WIGAN-based Safelok Components, a manufacturer of high pressure valves and fittings for the energy industry, has agreed a new banking deal with HSBC.

It has signed up with the bank’s Commercial Banking team in Lancashire and Cumbria. The size of the facility, which includes invoice finance, was not disclosed.

Around 80% of the firm’s £5m annual sales come from overseas trade but the business is keen to target emerging markets.

Managing director David Barton said: “Our business is an export led business that has continued to grow internationally despite the turbulent economic climate.

“Therefore, we needed a bank with international expertise which could align our banking globally. Thanks to HSBC we are now in a position where we are appropriately funded for growth, and we are looking forward  to taking advantage of further exporting opportunities across the world.”

Leigh Briggs, HSBC’s area commercial director for Lancashire and Cumbria, said: “The engineering sector is one of the UK’s greatest wealth producing sectors and therefore forward thinking companies such as Safelok Components have a critical role to play in the overall economic recovery.”