Scottish Business helps net zero drive with HSBC finance

29/02/2024

An Edinburgh-based independent convenience retailer has installed solar panels at its Newbridge headquarters thanks to £300,000 funding from HSBC Equipment Finance. 

Family-owned business Margiotta has installed 950 new solar panels on the roof of its Newbridge headquarters to power its office, warehouse, and produce refrigeration. 

The new solar panels will allow the retailer to run its larger number of refrigerators at a lower cost while reducing its carbon footprint. During the longer days of spring and summer any surplus electricity will be sold to the national grid.

It means Margiotta will now be able to accommodate its growing partnership with Waitrose as well as its network of local Scottish producers, farmers and breweries, while simultaneously increasing its own ranges for customers.

Iain Wells, Finance Director at Margiotta Group, said: “We have been working hard to reduce our carbon footprint while expanding the business. The solar panels at our new headquarters will make a significant difference in the long run as they will reduce our costings and make us more self-sufficient. HSBC UK hasbeen our bank of choice for 10 years and it has helped with much of our expansion over that time.”

Marcus Sangster, Relationship Director at HSBC UK, added: “We have worked closely with Margiotta for several years and it’s been great to see an Edinburgh-based family business grow significantly over this time. Its decision to install solar panels reflects its forward thinking business model.”

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