AN automotive products supplier has taken on new contracts and expanded its global presence following a seven-figure funding package from HSBC.

Bremsen Technik, based in Catterick Garrison has acquired Remanufactured Systems Ltd and will add 12 members of staff to its existing 89 employees following the acquisition.

The deal means Bremsen Technik increases its market presence and services by adding RSL’s remanufacturing capabilities for commercial vehicles to its business.

The business has doubled in size and tripled its headcount in the last three years. Bremsen Technik’s turnover is expected to grow to £30m by the end of 2019.

Robin Anderson, managing director at Bremsen Technik Holdings, said: “Adding RSL’s capabilities to our existing services helps us increase our market share so we’re delighted to complete this acquisition with the backing of HSBC UK.

"We work on a global scale and required a bank that reflected our international reach and would enable us to unlock extra capital to keep the business on its forward trajectory.”

Stuart McLaren, relationship director at HSBC, added: “Bremsen Technik has grown exponentially in recent years and we are delighted to help."