We are pleased to announce that we have secured a £90m funding package to support our expansion plans in the UK and overseas.
The family-run company, which has a turnover of almost £244m, has renewed and increased its facilities with HSBC. Managing director James Barrett said the investment puts the business on a strong footing for continued success.
"We are hugely excited about the prospects for the business in the coming years and are very pleased to have achieved the committed funding we sought to enable us to exploit the UK based and global opportunities we see for continued growth," he said.
Barrett Steel is now the largest private steel stockholder in the UK. It further expanded its operations in May with the acquisition of Austin Trumanns Ireland and Parson & Crosland from Murray Group.
Martin Lunt, HSBC’s head of corporate banking in Yorkshire, said: "This deal will see HSBC’s Yorkshire team continue its relationship with Barrett Steel, supporting the company as it embarks on the next exciting phase of its growth – both here in the UK and internationally.
"This dynamic, ambitious business is a brilliant example of how firms can still achieve impressive growth, despite the ongoing challenges presented by the economy."
KPMG advised Barrett Steel on the financing. The firm's Nick Dodd added: "This deal highlights that there is liquidity in the banking market available to companies with a strong story to tell and Barrett Steel more than fits the bill."
DWF's Leeds and Manchester banking teams provided legal advice to Barrett Steel, while Addleshaw Goddard advised HSBC.