Steel firm to expand with bank finance

PRESTON-based laser cutting firm AK Stainless has secured a seven-figure loan from HSBC.

It has used the finance to invest in new machinery and has created four new jobs taking its workforce to 24.

The new machines will open up new markets by enabling it to cut tubes and box sections, as well as brass and copper.

The finance was secured with HSBC’s Lancashire and Cumbria Commercial Centre, in a deal managed by commercial manager Fiona Wilson. The total value of the package was not disclosed.

AK Stainless was set up by Anthony and Karen Baron in 2003 and moved to 42,000 sq ft premises last year to accommodate future growth.

Mr Baron said: “This investment was important to the businesses because it broadens the range of services we can offer, which means we can do more with existing customers and also attract new business. It’s important for businesses to invest to stay ahead of the competition and that is something we strive to do.”