Oxford-based Polar Technology Management Group is opening a new state-of-the-art research and development facility in Eynsham, which will create 160 specialist jobs over the next 5 years. The £12 million project has been supported with £5.1 million funding from HSBC and £1.99 million from the Regional Growth Fund.
To support the development of the programme, HSBC created a tailored funding package which included a £3.4 million asset finance fund, £1 million invoice finance loan and a £750,000 loan facility for the construction of the research site. The new site is developing innovative engineering solutions for a dynamic range of market sectors, including aerospace and defence, motorsport, automotive, energy and clean processing industries.
Sharon Byde, area director for business banking for HSBC in West London, said: “We worked very closely with Polar Technology to provide funding which would best serve the development of the project. With such an innovative programme comes a degree of risk and it was therefore vital that the business was provided with a flexible and sustained funding programme. Now reaching completion, we have no doubt that the new facility will build on the company’s reputation as a world-leading engineering group.”
Scott Roberts, chairman of Polar Technology, said: “The launch of this project marks a significant expansion for our company and HSBC’s support has been integral throughout the development of the facility. With the launch of the project we’ll be recruiting 160 new employees to invent, design and manufacture sophisticated component solutions from composite materials for our customers. Our innovative techniques will produce stronger, lighter and more efficient engineering structures, which will be used in industry sectors across the globe.”
Polar Technology www.polartechnology.co.uk
HSBC Commercial Banking www.hsbc.com/about-hsbc/structure-and-network/commercial-banking
