London based scrap metal exporter secures eight-figure funding from HSBC UK

Independent scrap metal exporter Global Metcorp has secured a $35m (approx. £28m) funding package from HSBC UK to help finance its purchases of scrap metal for recycling.

The Harrow based business is helping to reduce the need to source raw material products, which equate to 766 kg of CO2 per ton of scrap metal on average, by facilitating the recycling of the metal. Once scrap metal has been purchased, it is sent overseas to be recycled and used for new products.

The new funding is backed by a General Export Facility from UK Export Finance, the UK’s export credit agency, and is predicted to generate year-on-year turnover growth of 10 per cent.

Global Metcorp will focus its efforts on acquisition activity by targeting recycling facilities, with ambition to employ an additional 50-100 people within the next five years. HSBC UK has been working with Global Metcorp for the past five years, during which time it has seen its turnover increase by 20 per cent.

Ashish Chaudhari, director at Global Metcorp, commented: “This is an important deal which will enable us to reinforce our commitment to delivering consistent and dependable products to our global customer base.

“The team at HSBC UK has been instrumental in helping us grow to be one of the sector’s leading traders thanks to the bank’s understanding of our business and international reach.”

Maria Alavi, area director at HSBC UK, added: “We are pleased to have helped Global Metcorp with its growth plans over the last five years, and this recent funding will further support the business’s goal of helping global businesses reduce carbon emissions.”

Esi Eshun, director of business group at UK Export Finance said: “They say that one person’s trash is another’s treasure, and Global Metcorp is proving this by taking its successful scrap metal business from strength to strength on the world stage.

“Through our General Export Facility, we are helping firms like Global Metcorp to recognise their exporting potential and support jobs which is great news for British industry and local communities.”

By Matthew Neville – Senior Correspondent, Bdaily