A West Midlands steel company is planning to grow its international reach after securing a new £23 million refinancing deal with HSBC.
Acenta Steel, which has factories in Dudley and Willenhall and a distribution base in Rugby, will use the capital to invest in its stock and expand its international footprint in Europe and the US and export wider to markets in Mexico, Eastern Europe and Asia.
The business processes and distributes hot rolled and bright engineering steel bars which are used in a wide range of engineering applications such as engine, driveline and suspension parts, hydraulic valves and household goods.
Acenta Steel has a turnover of £60 million and around 40 per cent of its steel is exported.
It also operates a supply chain providing stock-holding, cutting and distribution facilities across the UK.
The £23 million refinance package was provided by HSBC and HSBC Global Receivables Finance.
Colin Mills, chief operating and finance officer with Acenta Steel, said: "Long-term partnerships are key to our business model and the wider steel sector.
"As such, we needed an asset-based lender with strong credentials and a leading international presence.
"Refinancing with HSBC means we can focus on growing our business in the UK and overseas, with the financial support of a well-connected and established bank."
Paul Turk, HSBC's area director for corporate banking in the Black Country, added: "Our international footprint fits well with Acenta's international growth plans, meaning we can provide both the connections and insights which will support the business's continued development abroad.
"This deal is a great example of the support we're able to provide to businesses in the region, helping rebalance the UK economy outside of London and connect businesses to international markets."
