HSBC supports Mabbett expansion
Glasgow-based engineering consultancy, Mabbett & Associates Ltd, has used £160,000 of HSBC funds to further diversify its business by creating Mabbett Environmental Planning Ltd.
The new enterprise will facilitate the firm’s expansion in the environmental planning services sector, growing the business’s expertise and market share.
HSBC provided a term loan and working capital overdraft to support the development of Mabbett EP, which will operate in domestic Scottish markets initially before pursuing growth throughout the UK.
The creation of the new enterprise has also already increased demand for the business’s core services and has resulted in the employment of three new staff with a further three new appointments expected in the coming year.
HSBC finance has also helped Mabbett meet an increase in demand for its consultancy services throughout the UK and EU over the last year. As a result, the business plans to expand into European markets as part of an aggressive growth agenda.
The consultancy has four UK offices and operates across multiple sectors, including aerospace, public sector, manufacturing, construction and energy with clients including General Electric, World Bank, Raytheon, Diageo, National Health Service Scotland, and Scottish Water.
Arthur N. Mabbett, founder of Mabbett, said: “We’re currently implementing our 2020 strategic growth plan but to fully engage this we needed a partner that understood our business and needs.
“HSBC not only provided access to the finance we needed but also the strategic counsel to help shape our growth strategy and see it through. We can now grow our business at the rate we want to thanks to HSBC’s assistance.”
The finance from HSBC was allocated from the bank’s national £10 billion SME fund to actively support UK SMEs. £450 million is specifically designated to support Scottish firms and rebalance the economy outside of London.
Scott Wilson, relationship director at HSBC, said: “Mabbett & Associates Ltd is an ambitious enterprise that demonstrates growth must look beyond borders. We were pleased to help connect the business with international opportunities and support its evolving needs.”