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Green-tech receives £2.3m backing from HSBC UK

Green-tech is scaling-up its business following £2.3 million funding from HSBC UK.

Green-tech has significantly expanded its storage capacity for stock after completing the final stage of its site development, adding two 10,000 sq. ft. storage units to its warehouse facility in Arkendale, North Yorkshire. The expansion also includes the creation of a 15,000 sq. ft. soil production unit, as well as an additional 15,000 sq. ft. of external storage space.
 
This expansion takes Green-tech’s total unit space at its site at Rabbit Hill Business Park to over 175,000 sq. ft of office space, warehousing and retail units.
 
Green-tech also expects to add four new members of staff every 12 months over the next three years. This is to manage areas of the warehouse and to grow its sales and digital marketing teams.
 
The new warehouses also contain a number of technical upgrades designed to increase production capacity and improve operational efficiency. These include a new purpose-built soil blending and storage facility and the purchase of a new £70,000 forklift to improve warehouse operations.
 
Richard Kay, chairman, Green-tech, said:
 
“This investment is about future proofing the business and meeting the ambitious growth plans we have laid out for the next five years. Crucial to this is making sure we have the capacity to grow. We believe we now have the infrastructure in place to hit our targets with our new storage and despatch capabilities. HSBC UK has bought into our vision and shares our enthusiasm for driving Green-tech forwards.”
 
Jonathan Rutter, relationship director, North & West Yorkshire, HSBC UK, said:
 
“The team at Green-tech have grown the business significantly in the past few years and HSBC UK is delighted to support its future growth. They have shown incredible ambition and a real determination to take Green-tech to the next level, and we look forward to seeing how they benefit from our support going forward.”
 
Green-tech bought the farmland at Rabbit Hill five years ago. Since moving to Rabbit Hill, Green-tech has increased turnover from £10.6m to £16.5m in 2019, while growing its staff number by 60% in the same period.
 
The finance was allocated from HSBC UK’s national SME Fund, which aims to actively help UK businesses realise their ambitions for growth and navigate Brexit. The new £14 billion SME Fund has recently been announced by HSBC UK, with more than £1 billion committed to supporting SMEs in Yorkshire.
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