A new £80 million funding package will enable a Bradford-based steel stockholder and processor expand overseas while consolidating its UK operations.
Barrett Steel Limited, the UK’s largest private steel stockholder, has secured the funding from HSBC and will use it to grow its operations overseas, particularly in South East Asia and the Middle East.
The family-run business, which is celebrating its 150th anniversary, will also invest £6 million in the latest steel processing technology and equipment to increase efficiency.
The company, which has 1,030 employees , including 250 at the Bradford head office, has a five-year plan which aims to secure customers in new sectors and boost turnover by £50 million to £300 million, by 2020.
James Barrett, group managing director, said: “HSBC has played a major role in connecting us with business prospects in the Middle East.
“With the new funding in place, we are able to invest in advanced steel processing technology that will drive growth, and focus on maximising commercial opportunities both in the UK and globally to ensure continued progress. We are very excited about developing our relationships in overseas markets like Dubai as well as uncovering future prospects for the business over the next few years.”
HSBC’s Peter Helliwell said: “ In recent years, Barrett Steel has transformed its business, investing in the latest technology and improving employee skillsets to optimise efficiencies.
Helping ambitious businesses like Barrett Steel to take advantage of global opportunities and explore new markets is vital in helping bolster the UK economy.”
Source : thetelegraphandargus.co.uk