Baker Tilly has advised Sunderland-based engineering design consultants Desco on a £1m refinancing package with HSBC which will support the firm’s growth plans in the UK and the Middle East.
Headquarted in Sunderland, Desco is a mechanical and electrical building services design consultant whose past clients include Nissan, Sir Robert McAlpine, Kajima and Virgin Atlantic. Since its foundation in Sunderland 17 years ago, the company has expanded and now has offices in Central London, Croydon, Doha in Qatar and Manila in the Philippines. In the current financial year, its turnover will exceed £7m.
The refinancing package, arranged by HSBC, offers the firm working capital facilities across the business, in addition to a bond facility in Qatar. The bank will also provide a new corporate group business card facility.
Paul Marshall, Managing Director of Desco said: ‘We are pleased to have reached a deal which will give us the headroom we require as we look to expand in our key UK and Middle Eastern markets and I’m very grateful for the support and advice provided by Baker Tilly and look forward to working with HSBC.‘
Tony Edwards, a Corporate Finance Partner at Baker Tilly North East who advised on the deal said: ‘We have worked with Desco for more than 10 years and I’m delighted that we were able to secure this deal which provides the firm with the flexibility that they need across their worldwide operations.’
Pat Dellow, HSBC’s Area Commercial Director for the North East said: ‘HSBC has a strong appetite to support the growth of mid-market businesses in the North East, and I am pleased we are able to be part of this exciting period for Desco, helping them take forward their growth plans.’