Wrightbus has received a 150 million GBP finance package from HSBC UK for both the increase of production and decarbonisation of international transport fleet networks.
The manufacturer, which was brought back from the brink of administration in 2019 by Jo Bamford, employs over 2,300 workers and produces 1,200 buses per year.
The funding from HSBC includes hedging and working capital support and aims to support the company’s long-term bus production schedule, with Wrightbus looking to increase manufacturing speeds at its factories in Northern Ireland and Malaysia.
Wrightbus CEO, Jean-Marc Gales, said :This is an important day for everyone connected with Wrightbus – not just the 2,300 employees but the 7,500 jobs we support in the wider supply chain.
Our success is crucial to so many jobs and industries, so we must work relentlessly to keep up this progress.
This deal is a crucial step as we accelerate our growth and invest in decarbonising public transport with electric and hydrogen-powered buses. Not only does it mean we can provide cleaner and greener vehicles to UK bus operators, it also provides us with foundations for broadening our international reach, with a particular focus on ramping up production in Malaysia as we expand into the Asia Pacific market.
Wrightbus Executive Chairman, Jo Bamford, explained:With every new order and every entry into a new territory we’re flying the flag for UK manufacturing.
HSBC UK’s support and detailed knowledge of our industry will help us lead the way in a new era for buses as we expand our offering across the globe.
