North Somerset-based logistics business Osprey has launched a new joint venture, supported by a £7m funding package from HSBC.

The company has joined forces with land heavy transport specialist Allelys, based in Redditch, to create Osprey Heavy Lift.

The new venture will provide customers in industries requiring major heavy lifting, such as construction and power generation, with a combined service. It is expected to create six new jobs at the business’ Portbury site, near Portishead.

HSBC has provided an equipment finance loan which Osprey Heavy Lift has used to purchase specialist cranes and lifting equipment. This has included a 750-tonne LG1750 wheeled lattice boom crane, said to be one of the three largest mobile cranes in the country.

Nigel Fletcher, Osprey Maritime Group managing director, said: “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.”

James Shepherd, HSBC’s area director for Bristol, Gloucestershire and Wiltshire, added: “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.”