Zip Clip, a manufacturer and innovator of wire suspension systems, based in Welshpool, Wales, has received a facility from HSBC UK to support the business during the Covid-19 pandemic, as it looks to ensure it meets demand from its existing and new customers.
A customer of HSBC UK since the business was established in 2004, the funding has enabled the company to continue to distribute its products to building services contractors, with the unique design of the products making them easier to handle and simpler to install, which has proved vital due to social distancing restrictions. This includes contractor Geoffrey Robinson, which developed the NHS Nightingale North East Hospital, where Zip Clip was able to ensure that supplies were delivered in as quick a timescale as possible to assist the build.
Zip Clip’s product range is used across a range of applications including electrical, mechanical, signage and seismic industries, due to its flexibility for use and bespoke system specification.
Recipient of the prestigious Queen’s Award in 2019 in recognition of its enterprise in international trade, Zip Clip also continues to export its products to customers to over 40 countries around the world, including Australia, Europe, South America, and has recently embarked on a project in India. Enjoying significant growth since its inception, the Welsh manufacturer also boasts offices in France and Australia to further support its growing export market and has continued its export operations to Australia during the lockdown to ensure the delivery of key supplies to its customers.
As well as the facility, the organisation also benefits from trade finance support from HSBC which has further supported the company during this period of uncertainty.
Steve Goldsworthy, CEO of Zip Clip, commented:
“Our products are used in areas where social distancing can be a real problem, and we’re delighted to have been able to continue to provide vital services and products to customers during the pandemic, which we know has made a huge difference to a number of customers in supporting their work with the NHS.
“The support from HSBC UK has really provided our business with a safety net during this uncertain time and allowed us to focus on the future of our business, putting us in the best possible position to continue to develop and grow. We have a fantastic team behind us at HSBC UK who have been with us since the very beginning, and have opened a number of opportunities that would have never been possible without its business connections.”
Jon Forster, Relationship Director Corporate Banking Wolverhampton, HSBC UK, said:
“HSBC UK is committed to supporting its customers during this period of uncertainty and we were delighted to be able to further support the team at Zip Clip with an additional facility, enabling them to meet increased demand and further support customers and vital national industries with their innovative product range.”
HSBC UK is working closely with the Government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need. For tips and advice for businesses around planning for any possible disruption, visit www.business.hsbc.com/novel-coronavirus.
The new measures build upon the package of support that HSBC UK has already announced for business customers:
- Launched BBLS, CBILS, CLBILS and CCFF
- Allocated £5bn to help businesses that need support
- Removed the £100 Small Business Loan fee to relieve the pressure faced by SMEs across the country
- Removed informal overdraft fees – As of 1st April we will no longer apply any Informal Overdraft fees
- Offering repayment holidays to free up cash within businesses
- Stopped all unauthorised overdraft charges
- Reviewing overdrafts or trade loans to allow stock to be held for longer
- Offering companies involved in the supply and manufacture of ventilators preferential pricing, extended repayment terms on loans and fast track approval times to support the unprecedented demand on UK hospitals.
- We have also extended that support to customers that can give immediate help to essential public services and vulnerable people. We are contacting clients involved in the manufacture and supply of Personal Protective Equipment to offer preferential finance and, where possible, the direct purchase of supplies and equipment for essential public services.
- We will also offer similar terms to clients involved in the wholesale of food.
- Our relationship managers have been proactively contacting customers to see what help their businesses need.
- We’ve launched a coronavirus helpline to support any customer queries and a dedicated coronavirus hub on our website.
- For businesses trading internationally:
- £3bn to importers and exporters that need additional support
- pre-approved 60-day extensions on trade loans for customers with a sound trade loan/financing record
- a one-hour turnaround on the issuance of Shipping Guarantees, enabling customers to transfer or receive goods from their counterparty faster
- a dedicated helpline that connects directly with trade finance specialists (0800 783 1300, open 9am – 5pm Monday to Friday), in addition to the support being offered by relationship managers