ELECTRONICS firm Stadium Group has secured finance of £11.5m which it will use to make acquisitions.
The Hartlepool firm, which has 1,100 staff and operates worldwide, said this year it already had a £9m war chest, and was looking for the right firms to buy.
And the new finance deal with HSBC will give it much more freedom to bid for new business if it finds what it wants.
Stadium chief executive Stephen Phipson said: “The funding from HSBC will support the business’s goal to maintain sustained growth through market development, technology investment and strategic acquisitions in key sectors such as security, medical and care, and transport infrastructure.” Stadium provides assembly and manufacturing services for devices such as LED lighting, smart water meters and stair lift controls.
Tony Leech, HSBC’s senior corporate banking manager in the North East said: “Stadium Group plc is a significant international company that has adapted its business to maintain competitive advantage and tap into new opportunities and markets.
“As it looks to the future and to increasing its international footprint, the company recognised that a global banking partner would best support its ambitious plans. With HSBC already providing Stadium Group’s banking arrangements in China, the move to the team in the North East was a natural one.”
Stadium said revenues for the year to last December were flat at £44.94m but pre-tax profits rose 38% to £3.96m. But profits are expected to be slightly lower for the first half of this year because of delays to key contracts and the weak global economy.
