Manufacturer poised for international expansion after securing funding
A manufacturer of stainless steel and nickel alloy special fasteners has secured a six-figure funding package from HSBC UK.
West Special Fasteners, based in Dronfield near Sheffield, will use the money to support ambitious growth plans.
The HSBC UK trade finance has already been instrumental in facilitating a substantial order for titanium Grade 5 raw material.
This material is being used to produce machined fasteners and parts for a major offshore project in South America.
As part of securing this new contract, the company has expanded its team by hiring eight new employees across its factory and office operations.
This includes four skilled CNC machinists who are now working on programming machines and manufacturing parts for the South American project.
West Special Fasteners is also preparing for a £2.5m project scheduled to start in December and continue through 2025.
This project, located offshore in South America, will use super duplex stainless steel, known for its high performance.
The £500,000 trade facility from HSBC UK will be allocated to procure materials for this new venture and in support of further international growth.
As a result of this backing, West Special Fasteners is anticipating a 15% increase in turnover over the next 12 months.
James Hawkins, CEO at West Special Fasteners Ltd, said: “Securing this funding from HSBC UK represents a major milestone for us.
“After successfully completing a £460,000 contract for a significant offshore project in South America, we’ve built on that success by securing a new £2.5m project.
“With HSBC UK’s continued support, we’re well-positioned to expand our international presence, grow our team, and uphold the high standards our customers expect.”
Ryan Slater, senior relationship manager at HSBC UK, added: “It’s fantastic to support West Special Fasteners with this package, as the business continues to showcase its specialist manufacturing capabilities on a global scale.
“The dedication to industry innovation and commitment to maintaining its base in the UK makes West Special Fasteners an exciting prospect.”
Established in 1999, West Special Fasteners employs over 50 professionals with extensive experience and exports globally across 35 countries.
