Praybourne targets new markets after move to HSBC

A REDDITCH-based supplier of specialist safety clothing and thermal base layers has extended its premises and is looking to expand into new markets following a re-banking deal.

Praybourne, a family-run business established more than 30 years’ ago, has moved its full banking facilities to HSBC.

It says that extending its financial arrangements by £350,000 and the implementation of a new structure will better suit its overseas trade needs.

Initially founded as an angling equipment manufacturer in 1983, Praybourne quickly began to diversify and now has a  turnover in excess of £4m and plans to expand into new markets in Europe and the Middle East.

It is now home to some of the UK’s leading hi-visibility safety wear and thermal base layer brands such as, Pulsar, Pulsarail and Xcelcius.

Ian Jukes, managing director of Praybourne, said: “Since our foundation we have continued to evolve and innovate to maintain our competitive edge.

“HSBC has helped us put in place a new structure and extend our facilities in order to fund the extension of our premises, allowing us to significantly increase our capacity and turnover.

“We are excited to strengthen this relationship further as we look to expand into new international markets.”

Stephen Peart, HSBC’s area director of business banking in Birmingham, said: “I am pleased we have been able to support Praybourne extend both its premises and overseas presence.

“HSBC has a strong appetite to help ambitious businesses take the next step in their growth strategy.

“I look forward to working together in the coming years to help them take full advantage of the opportunities that expanding into new markets presents.”