Pictured above: Roy Harris
Leading lighting specialist Abacus today announced the start of
a new relationship with HSBC's Commercial Banking team in
Nottinghamshire. Selected thanks to its international expertise and
extensive global network, HSBC has kicked off the relationship by
helping the company open a subsidiary business in St Petersburg,
Russia.
Emerging markets such as Russia are an important strategic focus
for Abacus due to the infrastructure requirements these countries
have as their economies grow. The subsidiary will allow the company
to expand its presence in Russia and represents an important
staging post for continued development into Eastern European
markets.
Founded in 1958, Abacus also has a strong heritage in China and
was one the of the first UK businesses to trade in the country.
Since then, it has quickly grown to become a world leader in
exterior lighting solutions, designing, manufacturing and
installing lighting schemes around the world, including
floodlights in prestigious venues such as Lord's Cricket Ground and
The Faldo Golf Course, Dubai. The company has also recently
expanded its international sales team to help grow international
business relationships. Mike Heath and Phillip Tasker joined the
international sales team this month and will be responsible for
extending the reach of the Abacus brand and product range
globally.
Roy Harris, HSBC's Regional Commercial Director in the Midlands
commented: "Abacus is a fantastic example of a Midlands design
& engineering business that continues to thrive and expand
despite the challenges of the domestic economy. HSBC's recently
released 'Looking East' report highlights the growing importance of
emerging markets such as the Eastern countries, in which Abacus has
a significant presence, and we are urging businesses to understand
the opportunities these markets increasingly hold."
The HSBC team, led in Nottinghamshire by Area Commercial
Director Craig Wilson, has also provided Abacus with funding for a
new manufacturing site in Shanghai, China, which will see the
company double its production capacity, helping it prepare for
future growth.
Andrew Morris-Richardson, Finance Director at Abacus, said: "We
needed a banking partner with the international expertise to
support our ambitious future growth plans. We have already made
great strides forward thanks to HSBC support and funding, doubling
and expanding the facilities of our Shanghai operation together
with opening a subsidiary business in Russia - to drive forward and
expand our presence in Russia and Eastern Europe."
Abacus has an annual turnover of more than £30million and
employs 170 people and it recently completed a project to install
an innovative touch screen floodlighting system in the Al Shamal
football stadium in Qatar.