Q-Park, an international parking company, has moved its UK banking to HSBC's Corporate Banking team in Yorkshire following HSBC's support of the group refinancing last year.
The deal, led in the UK by Leeds-based Corporate Banking Manager Wayne Shadlock, sees HSBC provide Q-Park with €65m funding, allowing the business to continue its expansion in the 10 European countries they operate.
Since the business was founded in 1998, Q-Park has expanded through both organic growth and M&A activity. It currently operates or owns around 5,810 public parking facilities across Europe - which provides approximately 848,000 parking spaces. HSBC participation in the receipt refinancing will allow the business to consolidate and simplify its banking requirements across geographies, putting the business in the best position to take advantage of further growth.
Martin Lunt, HSBC's Head of Corporate Banking for Yorkshire and the North East said: "Q-Park is an incredibly strong business which continues to take advantage of increasing demand for parking space in prime locations - to develop and invest in high quality, secure and easily accessible parking facilities where they are needed most. We are really pleased to be working with Q-Park on this next exciting phase of growth."
Steve Ellis, Financial Director of Q-Park said: "Due to the increasingly international focus of our operations, we rely heavily on our bank to co-ordinate funding across all our markets. With a keen focus on the needs of our customers, we have ambitious plans for the future for the business. The HSBC team will play a fundamental role in the business' future, working closely with the management team to allow the business to invest in the design, development or renovation of existing parking facilities."