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United Kingdom : HSBC supports logistics company Osprey's new JV with Worcestershire firm
Publish Date : 11-Jan-2017

Supported by a 7m funding package from HSBC, logistics company Osprey has launched a new partnership with a Worcestershire firm.

Osprey has joined hands with land heavy transport expect Allelys, based in Redditch, to form Osprey Heavy Lift.

The new venture will offers a combined service to customers in sectors requiring major heavy lifting, like construction and power production.

It is expected to generate six new jobs at the company's Portbury site, near Portishead.

HSBC has offered an equipment finance loan which Osprey Heavy Lift has used to buy specialist cranes and lifting equipment, including a 750-tonne LG1750 wheeled lattice boom crane, said to be one of the country's three largest mobile cranes.

Osprey Maritime Group managing director, Nigel Fletcher, said: "This deal and the development of Osprey Heavy Lift marks a major milestone in the future of our and Allelys' businesses. The team from HSBC worked quickly to get to grips with our joint venture and provide the finance we needed to purchase the equipment which will allow us to tender for major civil construction projects such as HS2."

HSBC's area director for Bristol, Gloucestershire and Wiltshire, James Shepherd, added: "Osprey Heavy Lift brings together two businesses who are experts in their fields. We worked closely with the teams to provide a funding package to enable the purchase of the enormous cranes and transporters. The new equipment will enable the business to start bidding for new major projects, allowing them to grow quickly and realise their ambitions."

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