Reading-based TP Group, a global leader in consulting, digital solutions and engineering for the defence, space and energy industries, has ramped up its ambitious growth plans with a £7 million loan facility from HSBC UK.
The funding will be utilised to support TP Group’s plans to become a global business, enabling it to invest in product development, third-party partnerships and company acquisitions.
Following its acquisition of Sapienza Consulting in the Netherlands, TP Group has plans to expand further afield into the US, Far East and Australia, which are key markets for growth.
The company is also using the funding to redevelop its current technology solutions for other uses; most recently, TP Group has modified the technology used in submarine atmosphere systems to create hydrogen and oxygen. This could be used in the medical industry, allowing hospitals to generate oxygen on site rather than having it shipped in from afar, helping them to regulate and meet demand on the ground more quickly.
Derren Stroud, chief finance officer at TP Group, commented: “This is a hugely exciting and busy time for the team as we explore expansion opportunities based on decades of experience across the defence, space and energy industries. The multi-million pound funding facility provided by HSBC UK will be instrumental in allowing us to maximise growth overseas, helping us to better serve our customers and invest in both the company and third parties across the sector.”
Andrew Sharman, relationship director in Thames Valley for HSBC UK, added: “We’re pleased to be able to work alongside TP Group in its mission to expand and admire their determination to continue to grow internationally during this challenging time. We are supporting their plans for increasing operations and look forward to seeing their solutions making a real difference to the industry soon.”
The TP Group was founded in Berkshire and employs around 450 people across six countries, serving customers in more than 30 nations across the globe. It provides technology and professional service strategies that improve the safety and performance of their client’s operations whilst helping them to reduce their carbon footprint.