Lincolnshire engineering firm plans to double turnover in 3 years

SL Engineering 260220
SL Engineering 260220

A Lincolnshire-based manufacturer of specialised rigid tube assemblies and machined components plans to double company turnover to over £12 million by 2023.


SL Engineering, which supplies its fuel, hydraulic and other critical fluid conveyance applications to some of the most demanding industries including aerospace, hopes to grow turnover thanks to 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 5-axis machine tools to produce quality end fittings.

These investments aim 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.

John Pickard, joint managing director at SL Engineering, commented: “We’ve invested heavily to deliver rapid business growth over the past few years. On the back of this, we really needed to work with a banking partner that understands our challenges and can offer the support required to efficiently deliver additional growth.

“We feel confident our new banking partner, HSBC UK, will help us achieve this and would like to thank our Relationship Manager, Ian Green, who has helped us throughout the switch.”

Paul Armstrong, area director at HSBC UK, added: “SL Engineering has ambitious growth plans and we’re pleased that they have come to us for support. We’re looking forward to working closely with the team in the coming years.”

This funding is part of HSBC UK’s £200 million lending fund to support SMEs in Lincolnshire. The deal was also supported by Martin Clark at Streets Accountants.

SL Engineering has also been selected to join the Sharing in Growth (SiG) business transformation programme, which is set to deliver £900,000 in training and business transformation initiatives for SL Engineering.

Usually only open to businesses with a turnover upward of £10 million, acceptance onto the programme is recognition of the company’s robust growth plans.

HSBC www.business.hsbc.uk

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