Derbyshire-Based Avanti Secures HSBC RGF Support
LONDON, UNITED KINGDOM -- (Marketwire) -- 12/05/12 --
Derbyshire-based Avanti Conveyors is broadening its manufacturing
capabilities and planning expansion into new international markets
after securing funding under HSBC's Assisted Asset Purchase Scheme.
The scheme is part of the Government's Regional Growth Fund (RGF)
designed to support small-to-medium-sized enterprises (SMEs) grow
The High Peak-based company designs, manufactures and installs
corrugated box conveyor systems. The GBP 100,000 equipment finance
funding from HSBC Commercial Bank, in addition to a 20% grant from
the RGF, will enable the company to purchase equipment to bring the
fabrication element of its manufacturing process in-house, creating
two new jobs.
Avanti exports 80% of the 200 conveyor units its produces a year to
markets including Europe, South Africa, Australia and the Middle
East, and clients include the likes of IKEA. The cost savings it will
achieve through the new fabrication facility will enable it to target
Asia and further growth in the Middle East in the New Year, with the
company planning to appoint agents in these territories in the first
quarter of 2013.
Avanti is a family-owned business, established by current Managing
Director Simon Mander's father, Keith, in 1988. After a spell under
American ownership, the company changed its name to Avanti in 1999
and began manufacturing its own units four years ago, taking
advantage of the economic downturn to lower costs and improve quality
and control. The business now employs 25 full-time employees and 12
sub-contractors and plans to move to new purpose built premises in
the next three to four years to assist further growth.
Avanti has moved its full business banking to HSBC's Derbyshire
Commercial team in a deal led by Commercial Manager Seeta Parmar. Due
to its international exposure and the fact that it gets paid in
multiple currencies, Simon Mander was seeking a banking partner that
could cater for the company's complex finance requirements, but could
also introduce contacts in international markets.
He said: "Having an individual on the ground in the countries we are
currently trading with, and want to trade with, helps us greatly. It
not only opens doors for our business, it also helps us avoid any
potential pitfalls, both business-wise and culturally, that we may
not have been aware of. HSBC has the international capabilities we
were looking for and we are pleased to have switched to the bank."
He added: "This is an exciting time for Avanti; we saw the recession
as an opportunity for us and bringing manufacturing in-house has
brought many benefits. This next step will result in Avanti making
more of the parts of our units ourselves, which will lower our costs
and give us the room to target these new international markets."
HSBC Derbyshire Commercial Manager Seeta Parmar added: "Avanti has
been working hard to develop the business over the past few years and
they are now one of the market leaders in this field, supplying
customers around the world. Asia and the Middle East are big growth
markets and should bring additional benefits to the company, and
indeed the local economy."
For the latest updates, visit the UK Business Press Office social
For a copy of the Global Connections report and for further
information, log onto http://www.globalconnections.hsbc.com/.
HSBC Bank plc: HSBC serves 16.1 million customers in the UK and
employs approximately 50,000 people. In the UK, HSBC offers a
complete range of personal, premier and private banking services
including bank accounts and mortgages. It also provides commercial
banking for small to medium businesses and corporate and
institutional banking services. HSBC Bank plc is a wholly owned
subsidiary of HSBC Holdings plc.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is
headquartered in London. The Group serves customers worldwide from
around 6,900 offices in over 80 countries and territories in Europe,
the Asia-Pacific region, North and Latin America, and the Middle East
and North Africa. With assets of US$2,652bn at 30 June 2012, the HSBC
Group is one of the world's largest banking and financial services
HSBC Media Relations
Direct: +44 (0) 07920254835
HSBC Media Relations
Direct: 020 7991 2683
Press spacebar to pause and continue. Press esc to stop.