Gripple: Sheffield firm set to increase workforce to 1,400 staff with HSBC backing
A Yorkshire-based manufacturer of wire joining and tensioning devices plans to hire more staff and secure international growth with support from an eight-figure funding package from HSBC UK.
Sheffield-based Gripple, which already has operations across the US, Canada, Europe and India, has expanded globally with the launch of operations in Japan.
The funding package from HSBC UK will also support Gripple’s acquisition of a new 40,000 sq ft warehouse close to its other sites in Sheffield, providing a boost for the company’s export capabilities.
Gripple, which employs 953 staff globally, achieved a turnover of £126m in its latest annual results, a six per cent improvement on the previous year. Gripple expects to see an increase in its workforce to 1,400 employees by 2028 and a 10 per cent rise in turnover over the next 12 months.
Clare Legg, Group Finance Director at Gripple, said: “HSBC UK’s support marks a pivotal moment in Gripple’s journey. It enables us to accelerate our international growth strategy while continuing to invest in our facilities in Sheffield.
"The support from HSBC UK and the bank’s expertise in international growth have been a significant help as we look towards the future.
"We look forward to continuing to service demand for our products overseas, as we prepare for more expansion, specifically in the US and India”.
Andy Richardson, Global Relationship Director at HSBC UK, added: “Gripple is a fantastic example of a forward-thinking, innovative UK manufacturer.
"We’re proud to support the business with its international growth strategy and creation of local jobs in Sheffield. We’re dedicated to supporting businesses with strong global visions and we’re excited to be part of this next chapter with Gripple.”
Established in 1989, Gripple is employee-owned and delivers services across a range of sectors, including building services, civil construction, agriculture, landscaping, solar energy and utilities.
The law firm Irwin Mitchell advised on all legal aspects of the refinancing, led by Mark Appleby, a senior associate in the firm’s banking and finance team.
Specialist real estate advice was provided by Ben Rogers, a partner in Irwin Mitchell’s Real Estate team.
Commenting on the deal, Mr Appleby said: “Gripple is a standout example of what can be achieved by an ambitious, values-driven Sheffield business on the global stage.
"We’re proud to have supported Gripple with this refinancing, which will play a key part in driving the company forward and helping it to achieve its growth ambitions. This transaction reinforces Irwin Mitchell’s strength in advising businesses across the Sheffield City region and beyond on complex banking and finance matters.”