Funding facility boosts engineering firm’s restartJul 01, 2020
Broadways Stampings’ production line in Bletchley.
A MANUFACTURING company has received a boost to its plans to resume business as usual once the lockdown restrictions are eased.
Broadways Stampings has secured an additional facility from HSBC UK to support its cashflow during the coronavirus pandemic.
The company, based on the Denbigh West industrial estate in Bletchley, provides pressed component parts, sheet metal and welded assemblies to automotive customers, including Jaguar Land Rover, as well as construction and warehouse suppliers.
Broadways Stampings closed its factory when lockdown was implemented in March, halting its work for customers in the UK and mainland Europe. However, the factory has been partially open since the end of April due to increased demand and the company has continued to support existing and new customers, including providing parts to assist in the production of ventilators for the NHS.
Group finance director Matt Abrahams said: “Although demand dropped overnight, our suppliers have been very supportive during this period and the financial boost from HSBC UK has really enabled us to be in the best position possible to resume ‘business as usual’ as lockdown restrictions are eased.”
Timothy Sanders, HSBC UK Corporate Banking’s relationship director for the South Midlands, said: “With every business and sector facing different challenges, it is important we tailor each package to ensure our customers receive the best possible solution for their own unique circumstances.
“We were delighted to be able to provide an additional and substantial overdraft facility to support the Broadways Stampings group during this period of uncertainty.”
by ANDREW GIBBS e: email@example.com