A Leighton Buzzard business has secured a six-figure funding package from HSBC UK that will allow it to drastically scale up its operations and drive new job opportunities in the local area.
NGR, which specialises in supplying the construction industry with reinforced metal cages, will use the bank funding to purchase raw materials to ensure a reliable supply to enable the company to grow quickly and sustainably while protecting its existing cash flows.
The funding from HSBC UK is set to lead to significant growth for NGR, with projections showing an increase of 10 per cent per annum and 30 per cent in total over the next three years. This expanded growth is also expected to create new job opportunities in the business for the local area.
Kamal Neckoula, Director at NGR, said: “The funding from HSBC UK has been invaluable as we look to take our business to the next level. By purchasing materials in bulk, we can lower our costs and grow more sustainably, helping us to achieve our growth targets over the next few years and bringing new job opportunities to the local area. The support from our Relationship Manager at HSBC UK, Adam Lothian, has been very helpful throughout this funding process.”
Mark Lupton, Area Director at HSBC UK, added: “Supporting a fantastic local business like NGR – who are experts in the UK’s steel industry is exactly what HSBC UK is about. HSBC UK will always look to back manufacturers such as NGR, enabling them to manage their cashflow and support their future operations as they expand which is invaluable in helping to provide growth and jobs to the local community.”