Wrightbus has announced it has secured a £150 million finance package from HSBC as it bids to expand in the UK and globally.
The Ballymena-headquartered manufacturer will more than double its existing funding with a deal that will allow it to speed up production in Northern Ireland and Malaysia.
It will also support the development of repower arm NewPower and the Rightech range of light battery-electric vehicles, which were launched in 2024 and January respectively.
The funding, which features hedging and working capital support, will also help “broaden the product offering”, according to the business.
Wrightbus CEO Jean-Marc Gales says: “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, which was founded in 1946, was rescued from administration by Jo Bamford in 2019 and has since expanded to produce 1,200 buses per year – 95% of which are zero-emissions.
Mr Bamford says: “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.”
Following a £500 million order from Go-Ahead announced in October 2024, Wrightbus enjoyed what it described as its strongest ever start to a year in January.
Among highlights of international expansion, it expects to deliver 130 hydrogen buses in Germany by the end of this year.
Akhil Shah, Relationship Director from HSBC UK, adds: “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.”
