Company of Connect Yorkshire EIR Hugh Facey, Gripple, a Sheffield-based manufacturer of wire joining and tensioning devices, is set for international growth with the support of an eight-figure funding package from HSBC UK.
With established operations across America, Canada, Europe and India, the business expanded its growth strategy with the launch of operations in Japan.
It expects to see an increase of 20 per cent in sales over the course of the year from this international expansion.
The eight-figure funding package from HSBC UK will also support its acquisition of a new 40,000 sq ft warehouse located close to its other sites in Sheffield, enhancing export capabilities of the business.
Following international growth, the company expects to see an increase in its workforce to 1,400 employees by 2028 and a 10 per cent increase in turnover over the next 12 months.
Clare Legg, group finance director, said: “HSBC UK’s support marks a pivotal moment in our journey.
“It enables us to accelerate our international growth strategy while continuing to invest in our facilities in Sheffield.
“The support from HSBC UK and the bank’s expertise in international growth have been a significant help as we look towards the future.
“We look forward to continuing to service demand for our products overseas, as we prepare for more expansion, specifically in the US and India”.
Andy Richardson, global relationship director at HSBC UK, added: “Gripple is a fantastic example of a forward-thinking, innovative UK manufacturer.
“We’re proud to support the business with its international growth strategy and creation of local jobs in Sheffield.
“We’re dedicated to supporting businesses with strong global visions and we’re excited to be part of this next chapter with Gripple.”
Irwin Mitchell advised Gripple on all legal aspects of the refinancing, led by Mark Appleby, a senior associate in the firm’s Banking & Finance team.
Specialist real estate advice was provided by Ben Rogers, partner in Irwin Mitchell’s Real Estate team.
Appleby said: “Gripple is a standout example of what can be achieved by an ambitious, values-driven Sheffield business on the global stage.
“We’re proud to have supported Gripple with this refinancing, which will play a key part in driving the company forward and helping it to achieve its growth ambitions.
Article via thebusinessdesk.com
