Lincolnshire-based SL Engineering, a supplier to some of the world’s most demanding fuel, hydraulic and other critical fluid conveyance applications, is aiming to double turnover to over £12 million by 2023, thanks to a £1.5 million refinancing package from HSBC UK.
The company has made a series of investments in state-of-the-art equipment including all-electric bending machines and three and five-axis machine tools to produce quality end fittings. These investments are set to increase turnover by 100%, and increase SL Engineering’s workforce by up to 36%, from 77 to 105 employees.
The investment will improve cash flow within the business, allowing it to remain competitive, deliver cost-savings and meet steep production requirements.
John Pickard, Joint Managing Director at SL Engineering, said: “We’ve invested heavily to deliver rapid business growth over the past few years. On the back of this, we really needed to work with a banking partner that understands our challenges and can offer the support required to efficiently deliver additional growth. We feel confident our new banking partner, HSBC UK, will help us achieve this and would like to thank our Relationship Manager, Ian Green, who has helped us throughout the switch.”
Paul Armstrong, Area Director at HSBC UK, added: “SL Engineering has ambitious growth plans and we’re pleased that they have come to us for support. We’re looking forward to working closely with the team in the coming years.”
This funding is part of HSBC UK’s £200 million lending fund to support small and medium-sized enterprises (SMEs) in Lincolnshire.
The deal was also supported by Martin Clark at Streets Accountants.
SL Engineering has also been selected to join the Sharing in Growth business transformation programme, which is set to deliver £900,000 in training and business transformation initiatives for SL Engineering.
Usually only open to businesses with a turnover upward of £10 million, acceptance onto the programme is recognition of the company’s robust growth plans. With SiG and HSBC UK’s support, SL Engineering plans to increase manufacturing capacity and capability through efficiency drives in all areas of the business, coupled with further investment in state-of-the-art plant, facilities and staff.