Scunthorpe construction products firm Sealprem receives funding for growth

Bosses are hoping to grow sales in the Middle East

Sealing products specialist Sealprem has secured a seven-figure funding packaging to help it achieve international growth.

The Park Farm Road business, which supplies the construction and DIY markets, hopes the funding from HSBC can accelerate its plans. It will give capital to Sealprem and its private equity owner Red Coast Industries to pursue organic growth as well as merger and acquisition opportunities and joint venture strategies.

At the same time, Sealprem is also developing its e-commerce capabilities. With the backing of Red Coast, the firm has ambitions to grow sales in the Middle East, particularly Saudi Arabia and the UAE, and customers that operate between there and the UK.

New jobs are expected to be created at the firm, which was founded in 1994 and is now a top manufacturer of foam fillers and a supplier of core sealing products. Red Coast was founded by Omar and Yossuf AlBanawi having been spun off in 2022 from family run investment group Banvest.

It focuses on acquiring lower-middle-market businesses in the building materials sector, with a particular focus on industrial roofing and cladding. Red Coast acquired Sealprem in 2023.

Omar AlBanawi, director of Red Coast Industries, said: “ Securing funding with HSBC UK marks an important milestone for Sealprem, as we expand our offering into a broader one-stop-shop solution for the industrial building envelope sector. This new banking partnership provides us with a supportive long-term funding structure, greater operational flexibility, and a relationship that is aligned with our international growth ambitions.”

Andy Gray, relationship manager at HSBC UK, added: “With strengthened financial footing, Sealprem will be able to continue investing in product innovation, stock availability and customer service. The business is well positioned to accelerate growth across its core manufacturing business, expanding its distribution capabilities and further developing its e-commerce channel. As these offerings expand, the business is well set to serve customers more efficiently across the UK.”