The United Kingdom’s only aluminium composite panels manufacturer named Multipanel UK Ltd has reportedly obtained a £9million finance package from HSBC UK. The finance package is mainly for diversifying product range, expanding business, and most importantly, safeguarding the future of the business from the coronavirus crisis.
Multipanel UK, based in Exeter, makes aluminium composite panels for industries like sign making, exhibition stand design, and architecture. But now, with the intention to meet demand from various other industries for screen materials used in shops, offices, and leisure facilities, Mulpanel UK will upgrade its core product using the fund.
This finance package can also be used to stabilise cash flow at a time when many of the company’s existing customers are closed due to the COVID-19 lockdown.
Of the total package, £5million is secured under the Government-backed Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the £4million under extended trade loans and invoice finance facilities.
Andrew Cock, chairman of Multipanel UK, said: “We’ve been working with HSBC UK for the past 13 years and in that time the team has really got under the skin of the business to fully understand our often complex funding requirements.”
He also said, “The mutual respect we have for each other meant that when coronavirus hit, both parties were able to move without hesitation.”
“Having the flexibility and freedom to adapt quickly has enabled us to be agile with our customers, both new and old. This latest round of funding has been instrumental in allowing us to really concentrate on the business and even upgrade some projects which are now complete six months ahead of schedule,” Andrew Cock commented.
James Jordan, head of corporate banking, Devon, Cornwall and Somerset, HSBC UK, added: “Multipanel UK is a fantastic example of a successful Exeter business with international reach which has gone from strength-to-strength despite the onset of the coronavirus crisis.”
The bank said it is working closely with the Government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need.
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