Towbar specialist A1 Towing is targeting growth, expanding its premises and doubling the capacity of its design centre with backing from HSBC’s South Yorkshire Commercial Banking team.
The Sheffield firm has also used working capital to launch Towbar Depot – a new brand for its fitting operations – and boost its stockholding capacity.
Mark Terry, managing director of the Attercliffe-based business, said: “This is an exciting time for our company.
“Our expansion is the next step on the path to be recognised as the UK’s leading supplier of towbars and related products, offering the highest quality products, services and people.
Mr Terry praised HSBC for having “totally broken the negative business banking myth,” adding: “This is not business as usual, this is extraordinary growth in a recession, thanks to HSBC.”
A1 Towing lays claim to being the fastest-growing designer and manufacturer of towbars in the UK and a major supplier of towing-related products.
The company was founded more than 40 years ago, but has achieved significant growth since it was acquired by its current shareholders six years ago. Within two years of that deal being completed, the company had doubled in size. The company says the latest funding will allow it to enter the next phase of growth.
HSBC area commercial director, Martin Nattrass, said: “A1 Towing has thrived thanks to its strong, innovative management team.
“The company has experienced rapid growth since it was taken over in 2006, cementing its position as a market leader in its sector. As such, it has become a great example of how an entrepreneurial, forward thinking attitude can achieve ambitious growth plans.
“We are thrilled to facilitate this next stage of growth.”