Thomas Storey Fabrications, a steel products supplier based in Greater Manchester, has received a seven-figure funding package from HSBC UK to enhance its growth capabilities. With the £5m package, the company has purchased a cutting-edge laser cutter, the Mazak Optiplex Fiber III, which will increase on-site energy efficiency by up to 28% and produce higher-quality cut parts for mild steel products. The new laser cutter is expected to boost productivity and turnover, as it operates thrice as fast as Thomas Storey Fabrications’ current laser cutters. Additionally, the funding was used to install new invoice financing and refinancing software to smooth out cashflow, as well as enable sustainable growth and upskill the workforce. The company anticipates a £1m turnover increase over the next 12 months, thanks to this funding from HSBC UK and the purchase of more efficient equipment.
“We are extremely excited about the opportunities HSBC UK funding has unlocked,” remarked Jo Atkinson, who serves as managing director of Thomas Storey Fabrications. “The acquisition of our state-of-the-art laser cutter will enable us to increase the output of high-quality products. Enhanced cash flow will also help us to enter new markets with greater efficiency. Our company has achieved a great deal since it was originally founded nearly a century ago and we are really excited about this next stage.”
Thomas Storey Fabrications, which supplies multinational equipment manufacturers and small start-up companies with steel products such as hydraulic fuel tanks and chassis, is one of the largest privately owned steel fabricated product suppliers in the UK. The company occupies a 110,000 sq ft site in East Manchester and employs 135 people.
“We look forward to seeing the continued success of Thomas Storey Fabrications,” said Darren Martin, HSBC UK relationship manager. “Its new laser cutter promises greater productivity, and our refinancing assistance will provide it with a wealth of growth opportunities. The business is a great example of a UK manufacturer performing well across multiple markets.”