A Derbyshire technical textiles specialist which dates back to 1831 has received a seven-figure funding package from HSBC UK to support its growth strategy and expand its European operations.
Baltex, which designs and supplies high performance textiles for use in advanced manufacturing, will use HSBC UK's TradePay facilities to support its EU imports and exports, including PPE, advanced wound care and composite materials. Alongside this, an additional equity release mortgage will unlock further investment in its existing research, development and manufacturing operations in the UK and Poland.
The funding has also enabled Baltex to scale its team and modernise operations. It has appointed three new hires and is set to upgrade three pieces of legacy equipment with AI-integrated technology.
Charles Wood, managing director at Baltex, said: "The UK textile industry is currently worth £9bn pounds, with £2.5bn of that coming from technical textiles. That share is expected to almost double over the next five years, so it's refreshing to work with a bank that understands the market and the opportunity it presents.
"We have a rich history and heritage but we're also a modern business with huge potential, and HSBC UK recognises that."
As a result of the investment, the business anticipates a 20 per cent increase in export growth over the next 12 months.
Chris Swash, relationship director at HSBC UK, said: "Baltex is exactly the kind of SME we're proud to back: ambitious, expanding fast and ready for the next phase of its international growth.
"Having built momentum in recent years, the business came to us for funding support to help it move forward with its import and export plans.
"Our international reach and tailored funding solutions meant we were well placed to help – and we look forward to seeing the company continue to grow its operations domestically and overseas."
Courtesy Insider Media: Link to artice
