Sanderson banks on HSBC for growth
Sanderson Group, the Coventry-based software and IT services business, has obtained an £8.4m banking agreement with HSBC in the Midlands.
Through the deal, HSBC has replaced the company's previous banking partner Royal Bank of Scotland. Sanderson Group will receive a four-year term facility of £7.4m and a £1m working capital facility.
The company said the new deal will generate savings of about £300,000 a year compared with the previous arrangement.
However, the switch to HSBC will cost the company a one-off fee of £400,000 in fees to RBS.
A statement from Sanderson read: "There are a significant number of prospects for the new green IT products especially in the manufacturing customer base. Since the half year end at 31 March 2011, the order book has continued to grow and new customers have been won across all markets, including two new high street retailers. The demand for e-commerce systems is still strong."
Maurice Heath, HSBC head of corporate banking, Midlands, said: "Sanderson has enjoyed steady growth in recent years and continues to be a leading light in the region’s business community. The group’s growth strategy demonstrates the importance of a focused approach to expansion and we look forward to working with the directors to deliver continuing success."
