Precision machined components specialist X-Cel Superturn has expanded, opening up a second manufacturing facility in South Yorkshire with £2.8 million-worth of backing from HSBC.
The bank has provided working capital and a loan to fund the fitting out of X-Cel’s new premises at the Advanced Manufacturing Park.
X-Cel Superturn says the funding will allow it to increase its production capabilities and take advantage of new opportunities in the petrochemical, power generation, aerospace and construction sectors at home and abroad.
Managing director Andrew Taylor said: “This is an exciting time for the business. The new premises allow us greater flexibility and production capacity and the new relationship with HSBC provides us with the support we need to drive strategic plans through to fruition.
“The team at HSBC has shown the flexibility to provide specialised financial packages tailored to our business model and future growth plans and we look forward to working closely with the team.”
HSBC South Yorkshire area commercial director Martin Nattrass said: “The UK is becoming increasingly well-known for its high-end manufacturing and is exporting these highly skilled, quality products to the rest of the world.
“X-Cel Superturn is a prime example of a business in this area which continues to innovate and grow both here in the UK and internationally. This strong and forward-thinking manufacturer has a bright future and is exactly the kind of British business that HSBC is committed to supporting.”
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