Lincolnshire-based SL Engineering, a supplier to some of the world’s most demanding fuel, hydraulic and other critical fluid conveyance applications, aims to double turnover to over £12 million by 2023, supported by a £1.5 million refinancing package from HSBC UK.
The company has made a series of investments – fuelled by strong marketplace demand – in state-of-the-art equipment including all-electric bending machines and three and five-axis machine tools to produce quality end fittings. These investments are set to increase turnover by 100%, and increase SL Engineering’s workforce by up to 36%, from 77 to 105 employees.
The company identified the need to build a long-term strategic partnership with a bank that is able to support these ambitious growth plans. The investment will improve cash flow within the business, allowing it to remain competitive, deliver cost-savings and meet steep production requirements, without sacrificing current customer relationships.
This funding is part of HSBC UK’s £200 million lending fund to support small and medium-sized enterprises (SMEs) in Lincolnshire.
SL Engineering is a Sharing in Growth (SiG) beneficiary with robust growth plans. Supported by SiG and HSBC UK’s finance, SL Engineering plans to increase manufacturing capacity and capability through efficiency drives in all areas of the business, coupled with further investment in state-of-the-art plant, facilities and staff.