Sanderson targets growth after HSBC refinancing

SOFTWARE and IT services group Sanderson is targeting growth after securing its £9m refinancing package from HSBC in the Midlands.

The Coventry based group said the deal, which replaces a previous agreement with RBS, would enable it to pursue growth strategies in a number of key sectors.

Adrian Frost, group finance director, said: “Despite the challenging business environment of recent years, the group’s well established customer base and successful business model have put Sanderson in a strong position in our target markets.

“This refinancing package, along with HSBC’s support, will enable us to continue expanding in key sectors to deliver our growth ambitions.”  

The deal was led by HSBC’s senior corporate banking manager Hayden Adams and HSBC said the agreement heralded the start of an important relationship.

Maurice Heath, HSBC’s head of corporate banking, Midlands, said: “Sanderson has enjoyed steady growth in recent years and continues to be a leading light in the region’s business community.

“The group’s growth strategy demonstrates the importance of a focused approach to expansion and we look forward to working with the directors to deliver continuing success.”

Founded in 1983, Sanderson has grown to a £27m turnover business and employs over 250 people nationwide. The group specialises in multi-channel retail and manufacturing markets in the UK and Ireland.

The new funding is also expected to generate significant cost savings for the group over the four year term.