Manufacturer rolls into new markets with £60m deal
One of Shropshire’s biggest employers has secured £60m to help diversify its product range and fuel its future growth plans.
Bridgnorth Aluminium, which produces metal strips for lithography printing, will use the funding from HSBC UK to diversify into different markets, moving away from being solely recognised as a lithography specialist.
Bridgnorth, which has roots tracing back to 1933, will start to manufacture and supply new aluminium flat-rolled products to the drinks industry, to produce cans, and to the stockist market.
By moving into these high growth markets, the company hopes to increase its annual turnover by 40%over the next five years.
Mark Richards, finance manager at Bridgnorth Aluminium, said: “As a business with big ambitions we need make strategic future investments. Over the last 90 years, we have held a well-earned reputation for excellence in the lithography industry which we want to extend into the drinks and retail markets. It’s an incredibly important and exciting milestone for us and we are happy to have HSBC UK as a funding partner to help us on our new journey.”
Mark Lewis, relationship director at HSBC UK, added: “Bridgnorth has all the hard-working characteristics and heritage you’d expect from a long-established Midlands manufacturer, as well as the ability to look to the future through the lens of innovation. This is a pivotal move in the company’s history and is set to lay the foundations for a new, exciting chapter in Bridgnorth Aluminium’s story.”
HSBC UK was advised by Sanderson Weatherall and Pinsent Masons.
Bridgnorth was advised by Mills & Reeves.
