A Melton Mowbray business specialising in supplying and distributing vehicle accident repair parts is motoring towards further growth with support from HSBC UK.
Trade Vehicle Parts will use the seven-figure funding package from HSBC UK to source and secure a growing number of vehicle parts such as bonnets and bumpers globally, ensuring customers have more options available when seeking repairs to their vehicles.
The funding package will enable Trade Vehicle Parts to import core stock from countries around the world including Taiwan, China, and Poland. The deal also sees the business utilise HSBC UK’s Global Wallet. This multi-currency virtual account allows Trade Vehicle Parts to make and receive international payments using local account details, making it easier to purchase car parts in bulk, lowering costs and increasing revenue.
The funding package from HSBC UK also includes a refinancing of the commercial mortgage for its 17000 sq ft Melton Mowbray headquarters.
The deal with HSBC UK is expected to result in a 50 percent increase in turnover for Trade Vehicle Parts over the next three years, building on the steady growth the company have experienced up to now.
Deyan Petrovski, owner & director at Trade Vehicle Parts, said: “This funding from HSBC UK is a crucial milestone in our growth journey. Operating in an industry where working closely with international suppliers is so important, we are grateful for the ability to maximise our cashflow due to HSBC’s international footprint.”
Kim King, deputy area director at HSBC UK, added: “Trade Vehicle Parts is an ambitious business which provides a fantastic and essential service to vehicle owners and organisations across the country. We’re pleased to assist the business’s growth with domestic and international support.”
