Explosion protection firm backed by bank
THE Oxalis Group, a Warwickshire-based manufacturer of explosion protected safety systems, has secured asset finance from HSBC which it plans to invest in advanced technology equipment.
Funding has been made available under the bank’s assisted asset purchase scheme – part of the Government’s Regional Growth Fund (RGF) – which is designed to help SME to grow their business.
The money will enable the group to substantially increase production capacity from its newly opened global research, manufacturing and distribution centre in Stratford-on-Avon.
Under the arrangement, HSBC is providing equipment finance funding of £124,800, with a RGF grant of £31,200.
The new equipment will enable the Oxalis Group to extend its product range resulting in an increase in employee numbers as the group looks to increase turnover from £7m to £10m.
The Oxalis Group was founded in 2009 by Rob Whorrod, who had had many years’ experience working within global oil and gas markets.
The company designs, certifies and manufactures a range of explosion protected and safe area surveillance and monitoring, lighting, electrical and communications products for use in potentially hazardous environments.
Such specialised equipment is used by a variety of industries such as oil and gas, aviation, defence, marine and petrochemical. A large percentage of the group’s business is conducted internationally, predominantly with customers in Northern Europe, South America, the Middle East, Africa and Asia Pacific.
It recently won a significant contract to equip eight offshore oil platforms operated by Brazilian state-run energy giant Petrobras.
Peter Edgar, Oxalis Group’s finance director, said: “This new high performance machinery will help us move to the next level by improving our efficiency and reducing our manufacturing costs.
“We are actively expanding our product range and broadening the services we offer to our customers around the world. We are a fast-growing, forward-thinking business that wants to stay ahead of the competition and this investment will enable us to do this.”
HSBC’s Midlands regional commercial director Roy Harris added: “Oxalis has a dynamic management team which has effectively developed a multi-million pound, global company in a short period of time.
“HSBC’s assisted asset purchase scheme is designed to help businesses such as the Oxalis Group, that want to invest in assets and to take on new staff, or secure existing jobs.”
