Wilson Power Solutions to expand with HSBC funding
Leeds-based transformer manufacturer Wilson Power Solutions has secured a funding package from HSBC in the UK and India to support its growth plans.
Wilson Power Solutions, established in 1946, manufactures industrial transformers, switch gears and battery trip units. It is headquartered in Beeston and employs more than 140 staff.
The company recorded sale of more than £17.3m last year, and has supplied energy infrastructure to clients including Tesco, SSE and the NHS.
The business has invested in its manufacturing presence in India over a number of years and has now agreed to partner with HSBC globally as it looks to continue its growth on a global scale.
The bank’s funding package will provide working capital to support Wilson Power Solutions as it pursues significant contracts, such as the India national railway.
This will allow the business to scale up its workforce in India and purchase raw materials at short notice. As a result, it expects to grow its Indian operations by 50 per cent in the next 12 months.
Simon Wilson, managing director at Wilson Power Solutions, said: “Manufacturing in the UK has been, and will continue to be, key to our company’s growth and success.
“However, our continued investment in our manufacturing facility in India continues to reap rewards for our business, allowing us to capitalise on the booming local economy and win new contracts.
“HSBC’s global footprint has also allowed us to bring all our trade facilities seamlessly under one roof, giving us the means of meeting larger, more demanding contracts.”
Jamie McCullough, HSBC UK’s corporate relationship director for West and North Yorkshire, added: “Despite already enjoying success in the UK, Wilson Power Solutions has also successfully grown its production facility in India over a number of years.
“Given the global reach of HSBC, we are delighted to be able to support the growth and global banking requirements of the business.
“The business is a fine example of Yorkshire entrepreneurship and we’re extremely excited to support this global business both in the UK and overseas in its growth strategy.”
Source: Insider Media Limited