Grimsby-based specialist engineering company, Fowler & Holden, is set to expand its manufacturing facilities and invest in new machinery following a £250,000 funding package from HSBC UK.
The support from HSBC will allow Fowler & Holden to significantly expand its facilities through the addition of new and repurposed factory space, with the additional space being used to house a new second moulding line and a new plant room. In turn, increasing the privately-owned company’s production capacity by up to 80 per cent and creating up to 14 new jobs.
In addition, the funding will enable investment in new equipment, which includes a sand recycling machine that will allow the business to re-use 95 per cent of the sand from its casting process, substantially reducing wastage.
As a result, there will be a reduced need for sand quarrying, and fewer HGVs will be required for transportation, significantly reducing traffic and CO2 emissions in Grimsby town centre.
Tim Brooksbank, Director of Fowler & Holden, said: “The support from HSBC UK has been invaluable in allowing us to fulfil the requirements to secure our domestic supply chain through the expansion of our facilities and investment into a second moulding line.
“Increased government investment into infrastructure coupled with rising international delivery costs has meant that there is more demand for our products and this funding from HSBC will allow us to grow our business domestically and create new jobs to benefit the local economy.”
“We’re also extremely proud to be reducing our environmental impact as a result of the support, proving that foundries and manufacturing facilities can also contribute to sustainability.”
Theodora Akuffo, Business Banking Relationship Manager at HSBC UK, added: “Fowler & Holden has demonstrated a clear commitment to manufacturing quality products in a more sustainable manner whilst growing its business in a way that benefits the local community, and we look forward to contributing to its future success.”