HSBC is to provide the funding under its Assisted Asset Purchase Scheme, and the money will allow the firm to purchase a Schmoll X-Ray Drilling machine, able to drill 0.1mm mechanical global holes. Under the arrangement, HSBC is providing £84,000, with the RGF supplying £21,000.
The expansion planned by Wrekin Circuits, a member of the Midlands Assembly Network (MAN), will see it create a number of new jobs over the next two years.
Jon Forster, HSBC’s Black Country and Shropshire Senior Commercial Manager who arranged the deal, said: “[Wrekin Circuits] is not happy to stand still; the management are keen to keep investing in the business and to push it forward, as this investment demonstrates. We are pleased to be supporting an ambitious local business, as well as the wider local economy.”
Wrekin Circuits managing director Steve Blower commented: “The electronics industry is fast moving and cutting edge so it’s important that we stay ahead of the competition. This makes investment in the latest equipment and machinery vital.”
“This machine will enable us to increase our capacity and widen the technical capabilities we can offer to clients. It will also produce production and quality benefits, saving us cost and production time, and making our business more efficient.”
Roy Harris, HSBC regional commercial director for the Midlands, said: “HSBC is committed to supporting strong viable businesses and the Assisted Asset Purchase Scheme highlights this.”