Maritime specialist Osprey has launched a new subsidiary, Osprey Heavy Lift, as part of a joint venture with HSBC bank. The new organization will expand Osprey’s fleet of heavy-lift vehicles thanks to £7.5 million of funding from HSBC.
The new venture will enable the firm to purchase specialist lifting equipment for handling breakbulk, including one of the UK’s largest cranes. Osprey expects to acquire a 750-tonne LG1750 wheeled lattice boom crane, with a maximum height of almost 200 meters.
“This deal and the development of Osprey Heavy Lift marks a major milestone in the future of our and Allelys’ businesses. The team from HSBC worked quickly to get to grips with our joint venture and provide the finance we needed to purchase the equipment which will allow us to tender for major civil construction projects such as HS2,” said Nigel Fletcher, managing director of Osprey Maritime Group.
Alongside the LG1750, Osprey will also acquire a smaller LG1550 crane and 110 axle lines of self-propelled modular transporters giving Osprey Heavy Lift the largest SPMT fleet in the country.
“Osprey Heavy Lift brings together two businesses who are experts in their fields. We worked closely with the teams to provide a funding package to enable the purchase of the enormous cranes and transporters. The new equipment will enable the business to start bidding for new major projects, allowing them to grow quickly and realise their ambitions,” said James Shepherd, area director at HSBC.
Photo: The LG1750. Credit: Wikimedia