Posted on October 17 2019
We are delighted to announce our new relationship with the HSBC.
The article can be read below.
"A Birmingham business specialising in vehicle safety and security products has secured a seven-figure package from HSBC UK.
Motormax, which supplies the likes of cameras and reverse parking technology, will use the funding to invest in new product development.
The deal includes a foreign exchange forward buying facility that will enable the business – which designs products in the UK but makes them in China - to better manage its foreign exchange
James Haycock, owner of Motormax, said: "We provide products to large fleet owners, as well as through retailers such as Halfords and a network of installer partners throughout the UK.
"Our production and supply chain means it is vital that we have the cash flow available to buy, produce and import products."
Mark Lupton, area director for business banking in Greater Birmingham at HSBC UK, said: "We’re committed to helping SMEs in the West Midlands realise their ambitious expansion plans and Motormax is no exception.
"The car accessories market is poised for further growth and this funding will allow the company to grow its customer and product portfolio without being adversely affected by manufacturing and import costs and exchange rates.""
Source - https://www.insidermedia.com/news/midlands/motor-products-firm-gets-seven-figure-bank-backing