A Black Country manufacturer has secured a new £25 million pound finance package to support its international growth ambitions.
IBP Group, which is headquartered in Kingswinford and has operations in Europe and Asia, has switched all of its banking facilities to HSBC's Midlands corporate team and secured a new receivables and inventories finance facility in the UK.
It has also agreed a funding package from HSBC Spain for its operations there and in Italy and a stock facility from HSBC Poland. It will use the new funding to support its growth in these respective markets and wider global growth.
IBP Group is a manufacturer and distributor of plumbing fittings, valves and bathroom products under three main brands - Conex Bӓnninger, Dietsche and MasterFlow.
The company operates from a 58,000 sq ft distribution facility on the Pensnett Estate and employs 80 people in the UK and 850 globally.
Group financial director Andrew Mason said: "In the last three years, IBP has undergone significant change and global sales growth.
"While already well funded, it was clear that we needed a single source major banking institution to help us manage our geographically diverse business structure and drive future developments.
"I am very pleased that HSBC agreed to partner with us. It has international coverage and the ability to respond to our needs for financing and daily banking requirements across multiple currencies and business units."
Mark Harris, the bank's head of corporate for the Midlands, added: "IBP Group is in a position to achieve strong growth, underpinned by this new banking platform.
"We have put in place a structured package for the company that encompasses its international elements, meaning the business doesn’t have to deal with a multitude of local banks in various countries with different processes, documentation, security requirements and pricing."
The deal was managed by senior corporate banking manager Hayden Adams and invoice finance senior business development manager Martin Walters.
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