Milton Keynes Moulding Company Scales Up Operation With HSBC UK Funding
A plastic injection moulding company based in Milton Keynes has invested in a new metal moulding tool capable of producing 50 million Covid-19 antibody test kits a year, after securing a £90,000 loan from HSBC UK through the Coronavirus Business Interruption Loan Scheme (CBILS).
To meet the demand of Covid-19 antibody test kits, Adreco has used the funding from HSBC UK to invest in a new moulding tool, which will increase its moulding production capacities from 250,000 plastic cases a year to 36 casings every 10 seconds, enabling the production of over 1 million devices per week.
Established in 1977, Adreco Plastics is recognised across many industries for its tooling and moulding services as well as its ability to reduce cost and lead times for its customers. As a result of its strong reputation, the business has recently secured a new contract from one the UK’s leading medical and technology companies to manufacture individual plastic casings for 50 million Covid-19 antibody test kits.
Sam Hill, CEO of Adreco Plastics, commented: “Before investing in our new moulding tool, we were producing up to 250,000 devices per year, but thanks to HSBC UK’s backing, we are now capable of producing 1.1 million devices per week.
“Thanks to the support from our Relationship Manager at HSBC UK, Danny Toone, we can produce the mass levels of the antibody test kits required and play our part of the potential solution to the Covid-19 pandemic. It’s certainly one of the proudest moments in our 43-year history.”
Neil Beattie, HSBC UK South Midlands Area Director, added: “HSBC UK was pleased to be able to provide support to the team at Adreco Plastics as they look to provide vital products to support the fight against Covid-19. The new mould will not only enable Adreco to provide large volumes of the Covid-19 antibody test kits, but will also enable them to increase production to support other sectors and customers in the future.
Founded in Bletchley, Milton Keynes, the company also has toolmaking facilities in China, and all of its materials are fully recyclable.
HSBC UK is working closely with the Government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need. For tips and advice for businesses around planning for any possible disruption, visit www.business.hsbc.com/novel-coronavirus.
The new measures build upon the package of support that HSBC UK has already announced for business customers.
- Launched BBLS, CBILS, CLBILS and CCFF
- Allocated £5bn to help businesses that need support
- Removed the £100 Small Business Loan fee to relieve the pressure faced by SMEs across the country
- Removed informal overdraft fees – as of 1st April we no longer apply any Informal Overdraft fees
- Offering repayment holidays to free up cash within businesses
- Stopped all unauthorised overdraft charges
- Reviewing overdrafts or trade loans to allow stock to be held for longer
- Offering companies involved in the supply and manufacture of ventilators preferential pricing, extended repayment terms on loans and fast track approval times to support the unprecedented demand on UK hospitals.
- We have also extended that support to customers that can give immediate help to essential public services and vulnerable people. We are contacting clients involved in the manufacture and supply of Personal Protective Equipment to offer preferential finance and, where possible, the direct purchase of supplies and equipment for essential public services.
- We will also offer similar terms to clients involved in the wholesale of food.
- Our relationship managers have been proactively contacting customers to see what help their businesses need.
- We’ve launched a coronavirus helpline to support any customer queries and a dedicated coronavirus hub on our website.
- For businesses trading internationally:
- £3bn to importers and exporters that need additional support
- pre-approved 60-day extensions on trade loans for customers with a sound trade loan/financing record
- a one-hour turnaround on the issuance of Shipping Guarantees, enabling customers to transfer or receive goods from their counterparty faster
- a dedicated helpline that connects directly with trade finance specialists (0800 783 1300, open 9 am – 5 pm Monday to Friday), in addition to the support being offered by relationship managers