Steel stockholder secures funding package

Barrett Steel has secured £80M from HSBC as part of a funding package as it aims to grow its turnover to £300M.

The Bradford-based business said it will be investing £6M in steel processing technology and equipment, and the financial support will help it expand overseas.

The company said it is aiming to develop its presence in Southeast Asia and the Middle East. Barrett Steel currently works in Dubai and Abu Dhabi in the United Arab Emirates.

Barrett Steel Group currently has a turnover of £250M with 200 employees at its head office in Bradford and 1,030 employees across the group

It has a five-year plan with which it aims to secure customers in new sectors and boost its turnover by £50M, 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.”

Peter Helliwell, HSBC’s Regional Director for Large Corporates, said: “In recent years, Barrett Steel has transformed its business, investing in the latest technology and improving employee skillsets to optimise efficiencies.

“The company has re-evaluated its strategy and, where necessary, have proactively re-aligned to live market conditions. Helping ambitious businesses like Barrett Steel to take advantage of global opportunities and explore new markets is vital in helping bolster the UK economy.”