08-05-2025
- Business
- Belfast Telegraph
Wrightbus secures £150m funding with HSBC deal as it ramps up production for worldwide market
Co Antrim 'clean and green' bus manufacturer Wrightbus has secured a £150m finance package as it prepares to ramp up production for its global market.
The deal with HSBC UK more than doubles the Ballymena firm's existing funding.
The money is being directed to 'develop new technologies and broaden the product offering', while also supporting Rightech and NewPower, two existing divisions of Wrightbus.
NewPower is a branch of the business which converts diesel buses into electric vehicles, while Rightech sells four different battery-electric vehicles.
The funding is also allowing the company to 'accelerate production at its factories in Northern Ireland and Malaysia'.
Wrightbus, rescued from administration in 2019 by entrepreneur Jo Bamford, operates in Northern Ireland, England and in the Far East, including China and south-east Asia.
The company now employs 2,300, making 1,200 buses a year. The firm has focused on zero-emission vehicles, including hydrogen and electric-powered buses.
Wrightbus CEO Jean-Marc Gales said: 'This is an important day for everyone connected with Wrightbus – not just the 2,300 employees but the 7,500 jobs we support in the wider supply chain.'
'Our success is crucial to so many jobs and industries, so we must work relentlessly to keep up this progress.
'This deal is a crucial step as we accelerate our growth and invest in decarbonising public transport with electric and hydrogen-powered buses.
'Not only does it mean we can provide cleaner and greener vehicles to UK bus operators, it also provides us with foundations for broadening our international reach, with a particular focus on ramping up production in Malaysia as we expand into the Asia Pacific market.'
Wrightbus Executive Chairman Jo Bamford said: 'With every new order and every entry into a new territory we're flying the flag for UK manufacturing.
'HSBC UK's support and detailed knowledge of our industry will help us lead the way in a new era for buses as we expand our offering across the globe.'
Asset management firm HYCAP helped to structure the deal between HSBC and Wrightbus.
George Saunders, capital markets director at the firm, said: 'The tailored solutions provided by HSBC deliver operational flexibility across the capital requirements of the business, enabling it to deliver electric and hydrogen buses at the speed and scale required to be a key transport decarbonisation partner.'
Akhil Shah, relationship director from HSBC UK, said: 'Wrightbus is a remarkable UK success story. Having been bought out of administration just six years ago, the business has grown from employing around 50 people in 2019 to more than 2,300 today.
'HSBC UK's end-to-end experience across the public transport sector made us the ideal choice to become the business's main backer and this new injection of funding puts Wrightbus in prime position to deliver on its ambitious aims.'
News Catch Up - Thursday 8 May
Rohit Moudgil, head of manufacturing and industrials for HSBC UK, said: 'HSBC UK is proud to support Wrightbus who are contributing to the decarbonisation of the public transport system in the UK.
'The transaction underlines our commitment to supporting the entire zero-emission vehicle ecosystem, connecting manufacturers, supply chains and end customers.
'Our sector team and coverage bankers are committed to providing the financial solutions businesses need to accelerate UK's transition to zero-emission vehicles.'
