HSBC Stock – Manufacturer expands with HSBC UK funding
A Nottinghamshire manufacturer and wholesaler of electrical components has purchased its first ever premises after securing a seven-figure commercial mortgage from HSBC UK.
The funding has enabled SAC Electronics to move from a 14,000 sq ft leased unit in Mansfield to a 32,000 sq ft freehold premise in Hucknall, more than doubling its physical footprint.
The investment will also support the launch of SAC Storage, a new separate entity which will allow existing customers and businesses to store stock purchased in bulk due to supply chain disruptions and long lead times caused by the pandemic.
Managing director Frank Doherty said: “Despite the challenges we’ve faced over the last 12 to 18 months, we’re now in a good position to grow the business at a faster rate than ever before.
“With our new premises and the launch of SAC Storage, we’re excited about the future and would like to thank our relationship manager at HSBC UK, Mark Greasley, who clearly understood our ambitions and growth potential.”
Paul Armstrong, HSBC UK area director for East Midlands, added: “HSBC UK is committed to helping businesses realise their ambitions.
“We were pleased to support SAC Electronics, providing funding to allow the business to take an important step in its growth journey while responding to the needs of its customers.”