Friday, October 27, 2017

News: Wolf Components lay foundations for growth with HSBC backing

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Wolf Components, a new start-up manufacturer based in Rotherham, has secured a multi-million-pound funding package from HSBC to support ambitious growth plans.

Rothbiz reported earlier this month that the company has taken on a unit at Waddington's Aldwarke Wharf speculative development in Rotherham having been established in Spring 2017 after owners Anthony Joyce and Stephen Baul spotted an opportunity in the market for British-made bed springs to supply British mattress manufacturers.

Anthony Joyce is the former managing director for UK and European bedding manufacturing at Steinhoff International (which operate the Bensons for Beds, Harveys brands in the UK), and Stephen Baul is a former executive at US manufacturer, Legett & Platt.

The pair approached HSBC for funding and have since been able to purchase manufacturing machinery for their Rotherham facility.

At present, the business employs 12 people but has ambitious plans to double its workforce over the next 12 months.

The funding will support Wolf Components' ambition to become a £13m turnover business within three years as it serves markets in the UK and Central Europe.

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Anthony Joyce, owner of Wolf Components (pictured, right), said: "Since establishing the business earlier this year we have focused on setting up a UK manufacturing base and understanding the requirements of our clients.

"The funding package from HSBC puts us in a great position to move forward with our growth plans, which includes increasing business across the UK and Europe and expanding our local workforce in Rotherham."

The deal was completed by Lee Manterfield, a relationship director in South Yorkshire Corporate Banking, Paul Bryne from HSBC equipment finance, and by Robert Watson, a managing partner at Gibson Booth, who acted on the client's behalf.

Mike Swift, area director for West and South Yorkshire at HSBC (pictured, left), said: "Wolf Components is a great example of the type of dynamic business we are delighted to support.

"The owners have considerable experience and knowledge of the market and have identified a great business opportunity, with strong potential for growth.

"We look forward to seeing their business thrive."

Wolf Components website
HSBC website

Images: HSBC

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