Six-figure asset finance deal for circuit producer
Wrekin Circuits backed by HSBC and Regional Growth Fund
Circuit board manufacturer Wrekin Circuits has secured more than £100,000 in asset-based finance from HSBC bank and the government’s Regional Growth Fund (RGF).
The company, which employees 36 people and is based in Shropshire, will use the money to buy a ‘Schmoll X-Ray’ drilling machine, which it says will increase output, help expand the product range and enable the business to hire new employees.
Under the deal, HSBC will provide £84,000 of funding, while the RGF will add £21,000 under its Assisted Asset Purchase Scheme. It is the first such deal the bank has been involved with.
Wrekin Circuits managing director Steve Blower said: “The electronics industry is fast moving and cutting edge so it’s important that we stay ahead of the competition. This makes investment in the latest equipment and machinery vital.
“This machine will enable us to increase our capacity and widen the technical capabilities we can offer to clients. It will also produce production and quality benefits, saving us cost and production time, and making our business more efficient.”
The £2.4bn Regional Growth Fund was set up by the government to encourage private sector investment, in a bid to energise economic growth and recruitment among SMEs. HSBC will facilitate £25m from the fund which runs until 2015.
Wrekin Circuits produces high-end printed circuit boards for a range of industry sectors such as telecoms, motor racing and the defence industry.