Truck and Trolley Manufacturer Secures New Equipment Funding

5th December 2016

Logistics BusinessTruck and Trolley Manufacturer Secures New Equipment Funding

A manufacturer of materials handling equipment has secured a £1 million finance package from HSBC to renovate and install new equipment at its new premises in Cinderford, Gloucestershire (UK).

Partington Engineering, which makes a range of trucks and trolleys for customers around the world, including a global online distributor, is using £350,000 of the funding to install a state-of-the-art production line at the business’s second unit, which will bend and coat the steel that forms the main part of the products. The remaining £650,000 has been refinanced from a previous funding arrangement.

Once the new premises is fully operational, the business will have created 11 new jobs for the local economy.

Phil Sargeant, HSBC’s Area Director for South Wales, said: “Partington Engineering has been growing rapidly over the last few years and as a result has been operating at capacity at its current premises for some time. However, the new unit couldn’t begin operation until it had the funds in place to carry out further renovations and install a new production line. This new deal will allow the business to take its next steps to ensure that their ambitions become a reality.”

Brian Jones, Director at Partington Engineering, commented: “Up until now we’ve been using our own funds to carry out structural renovations at the new unit but we needed an additional cash injection to get us to a point where we can start manufacturing. The team at HSBC immediately understood our business objectives and has put a finance package in place that will allow us to meet our growth projections and employ a further 11 people at the same time.”

Partington Engineering is a major supplier of cash and carry trolleys to the top cash and carry groups throughout the UK and it supplies garden centre trolleys to the country’s fastest-growing garden centre chain.