HSBC refinance paves way for Anderson Group acquisition

HSBC has carried out a a full refinance of the Newhouse-based The Anderson Group to facilitate its acquisition of Manchester firm Alloy Bodies Limited.

The Group, established in the 1930’s and managed by the third generation of the Anderson family, has annual turnover of £240m and employs 566 people in the UK. Alongside significant and award winning UK commercial truck and van operations, the group has longstanding interests in haulage and property investment.

Kenny White, HSBC’s corporate relationship director in Scotland, said: “The Anderson Group is an ambitious business with a strong and talented management team. The acquisition of Alloy Bodies is a strategic purchase which enhances and expands the services the group already provides and will give the group greater opportunities for growth and investment. HSBC is delighted to support Scottish businesses like The Anderson Group in fulfilling their ambitious plans for future growth.”

Alloy Bodies employs 125 people at its manufacturing site in Manchester, producing over 2,000 commercial vehicle body units a year and generating annual turnover of over £12m.

It is one of the UK’s largest body unit producers, renowned for its innovative designs for vehicles ranging in size from 3.5 tonne to 26 tonne.

Irvine Anderson, chairman of The Anderson Group, said: “Alloy Bodies is a major UK manufacturer in the commercial vehicle sector and I am delighted that we have added this valuable and exciting company to our group. Through our commercial vehicle franchises and haulage companies, we already work with many fleet, contract hire, and rental companies, making Alloy Bodies a perfect fit for The Anderson Group.”

“We have experienced considerable expansion over the last few years through organic growth and acquisition and I would expect, if a deal was right, we will be acquiring further suitable businesses in the future.”