HSBC has secured a further deal under its Assisted Asset Purchase Scheme, part of the Government’s Regional Growth Fund to support SME growth.
The Oxalis Group, a Warwickshire-based manufacturer of explosion protected safety systems, has secured asset finance from HSBC with the help of a RGF grant to purchase advanced technology Mazak machine tools, enabling the group to increase production capacity from its newly-opened manufacturing and distribution centre in Stratford-upon-Avon.
Under the arrangement, HSBC is providing equipment finance funding of £124,800, with a RGF grant of £31,200.
In addition, the purchase of the new equipment will enable the Oxalis Group to extend its product range resulting in an increase in employee numbers as the group looks to increase turnover by nearly half.
The Oxalis Group relationship is managed by Tom Brothwell, senior international commercial manager with HSBC’s Coventry and Warwickshire Commercial Centre.
Peter Edgar, Oxalis Group’s finance director, said: “This new high performance machinery will help us move to the next level by improving our efficiency and reducing our manufacturing costs. We are actively expanding our product range and broadening the services we offer to our customers around the world. We are a fast-growing, forward-thinking business that wants to stay ahead of the competition and this investment will enable us to do this.”
The Oxalis Group was founded in 2009 by Rob Whorrod having had many years experience working within global oil and gas markets.
Conservative MP for Stratford-upon-Avon Nadhim Zahawi welcomed the investment.
He said: “It’s fantastic to see another Stratford business growing and taking on more staff, and all the more so to see them using the Regional Growth Fund to do it. It’s important to remember that the £2.4 billion RGF isn’t just for large businesses, but that small and medium businesses can also access RGF funded grants through banks like HSBC.”