Friday, January 9, 2015

News: HSBC backs X-Cel Superturn's AMP expansion

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A £3m commercial mortgage from HSBC has enabled X-Cel Superturn, a global manufacturer of machined components, to secure new premises on the Advanced Manufacturing Park (AMP) and increase the space available to the business three-fold.

In 2012, the Attercliffe firm announced that it would expand its current operations to a new 10,000 sq ft facility at the Evolution development on the AMP in Rotherham after securing a £6m contract plus financial backing from HSBC. Continued growth and diversification meant that the main manufacturing plant at Atlas North was running out of space and the AMP site became home to the Gasket and Seal division.

Fitted with the latest CNC machinery, the AMP facility manufactures proprietary metal seals and drill parts for the Subsea and Surface Tree manufacturers around the globe. It has allowed the company to increase its production capability and take advantage of new opportunities in the UK and overseas in the petrochemical power generation, aerospace and construction sectors.

X-Cel Superturn is now going from Evolution to R-evolution on the AMP after finalising a deal to buy a 30,000 sq ft industrial unit for £2.75m.
The growing firm recently bought the newly-completed unit from Rotherham Council in order to triple the size of its operation at the Enterprise Zone. In March 2014, landowners and developers, Harworth Estates, signed a £4.3m forward-purchase agreement with Rotherham Council for Plots 3 and 4 of the R-evolution development on the Waverley site. With construction almost complete, the council's cabinet approved the sale of Unit 3 in November.

Andrew Taylor, managing director of X-Cel Superturn, said: "We are a rapidly growing business and have grown out of our current leasehold premises. This purchase of new freehold premises will help make us stronger and achieve our short-term and medium-term ambitions. This is a very exciting time for our business and I am pleased HSBC has backed this transaction."

Mike Swift, head of Corporate Banking for South & West Yorkshire at HSBC, added: "We have worked with X-Cel for a number of years and this transaction strengthens the relationship further. X-Cel is an ambitious business that has continued to invest to take advantage of growth opportunities within its sector.

"We have a strong appetite to support the growth of mid-market businesses like X-Cel Superturn and are pleased to be part of this exciting period, helping them take forward their growth plans."

Andrew Fielder at Banner Jones Solicitors acted for X-Cel, whilst Martyn Holland from Irwin Mitchell acted for HSBC.

Turnover has grown at X-Cel to over £30m and it employs 130 people across its sites in Sheffield, Rotherham and Batley.

X-Cel Superturn website

Images: X-Cel Superturn

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