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HSBC provides £3.9m refinance package to WSP Textiles
Jun '14
HSBC’s Bristol-based Leverage Portfolio Team has provided a £3.9m refinance package to prestigious textile manufacturer WSP Textiles Limited, which will support the group in implementing its future growth strategy. 
Stroud-based WSP Textiles Limited, owned by Vespa Capital, was founded in 1920 and is a leading textile manufacturer of high performance woven woollen tennis ball cloth, snooker cloth and pool cloth.  WSP has a strong international presence and diverse customer base, selling its products across 38 countries. WSP’s products are used in prestigious tennis tournaments such as Wimbledon, the French Open, and Australian Open, as well as major snooker championships.  As part of the company’s growth strategy, WSP Textiles will invest in alternative technologies to offer a broader product range into its existing customer base. 
Vespa Capital LLP is a highly experienced private investment firm that partners ambitious management teams and privately owned businesses to help them develop and grow their business. They invest in businesses in the UK and France with an enterprise value of between €15 and €50 million and have a strong longstanding relationship with HSBC. 
The finance package was provided by HSBC in a deal led by Relationship Director, Leverage Portfolio Management, Stefan Gunn. HSBC has been a long-term banking partner of WSP Textiles, since its original management buy-out (MBO) in 2011, and is pleased to be supporting WSP textiles and Vespa Capital during the next stage of WSP Textiles’ development. 
HSBC’s Stefan Gunn said, “WSP Textiles is a global market leader in the provision of woollen products to the niche tennis ball, snooker and pool cloth markets. The company has a diverse, embedded and longstanding customer base and we are excited by the future opportunities available to the company. HSBC’s international presence has assisted to drive growth in existing and new markets and we look forward to supporting further expansion opportunities where we can.” 
WSP Textiles’ CEO, David Smith, said, “WSP Textiles are appreciative of the support that HSBC has given the business since the MBO in 2011 and look forward to strengthening that relationship to help further develop the business over the coming years.” 
HSBC was advised by Burges Salmon's Richard Leeming and Alistair Rattray.


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