Pictured above: Richard Tuxford (photo courtesy of portraitcollective.com)

Nottingham-based commercial vehicle specialist RC Tuxford Exports has announced ambitious expansion plans after agreeing funding support from HSBC for the development of new premises.

The new facilities will enable RC Tuxford, which has hired an additional ten people in the past year and grown its turnover to £22m, to increase capacity and capability, particularly within its recently launched parts business. The investment will allow for the purchase of an overhead crane, a major asset for the company as it processes an increasing number of heavy vehicles.

Founded by Richard Tuxford more than twenty years ago, the company has grown to become the largest business of its kind in the UK, supplying used trucks and quality spares, along with the dismantling, loading and shipping of commercial vehicles. Having grown the business from its roots in a portacabin on his father's yard, Richard continues to lead the business, which now occupies a 24-acre site and trades with markets across the world.

The HSBC team, led by Senior Commercial Manager Rod Whitehead, facilitated the financing package and will continue to provide support to the business, including international accounts as the company pursues global expansion plans.

Roy Harris, Regional Commercial Director for HSBC in the Midlands, said: "RC Tuxford has demonstrated the international opportunities available to businesses with a global outlook, and we would urge all businesses to consider whether they are taking similar advantage of international markets. We are delighted to be providing the funding to support the company's ambitions and look forward to a long and successful relationship with the company."

Richard Tuxford, Director of RC Tuxford Exports, said: "The funding that HSBC supplied will enable us to expand our capacity and output, meaning we can pursue our growth strategy and build on the success of recent years. HSBC's expertise and global connectivity is an important part of our relationship and our continued business success."