A Greater Manchester manufacturer and online retailer is eyeing-up growth overseas thanks to a multi-million funding package from HSBC UK.
Qualtex, a leading global manufacturer and supplier of domestic appliance spare parts, is using the funding to rapidly expand its market share in Europe, North America and Asia-Pacific. With the backing of HSBC UK’s funding package, the business has leased a new 46,726 sq ft distribution centre in Atlanta, Georgia.
Additionally, Qualtex has embarked upon an acquisition trail in the US and Europe, aided by the fund from HSBC UK. The business has a history of making strategic acquisitions in the UK with the purchase of JEGS, an Essex-based electrical distributor, and Masterpart, a domestic appliance spare parts distributor, in 2017.
Richard Storah, Finance Director at Qualtex, said: “While we have enjoyed strong sales in the UK, we see huge growth potential overseas, particularly in the US and Europe. We’ve made great progress tapping into these markets. HSBC’s backing is instrumental to our continued success by enabling us to invest in local operations and make strategic acquisitions which will grow our global market share.”
David Edwards, Relationship Director at HSBC UK, said: “Qualtex is following a great tradition of ambitious Manchester businesses looking to overseas markets to achieve growth. Despite the business enjoying a £20 million growth in turnover in the last five years, it was not content to stop there. I look forward to seeing the business develop these new market opportunities and HSBC UK is delighted to be able to support the business as it moves forward to the next level.”