The purchase follows a significant funding boost of more than £300,000 from investors including UK Steel Enterprise, Lloyds Bank and Finance Yorkshire, with the company’s MD, Hugh Davies, saying the announcement ‘demonstrates a commitment from the financial sector to support the manufacturing industry’.
Established in 1984, Beta, which specialises in precision machined components, recently relocated to a new 15,000 sq ft facility in Goldthorpe that houses its 27-strong team.
Staff of the former Daver Steels’ division based on Petre Street in Sheffield, will now also make the move, along with the company’s state-of-the-art equipment.
The move will allow Beta to further strengthen its long standing customer relationships with Blue Chip organisations who supply to a variety of competitive global market segments, including armoured vehicles, rail, geotechnical and structural construction systems.
UK Steel Enterprise, a subsidiary of Tata Steel that has helped over 6,000 businesses to-date in steel regions across the country invested £50,000 as part of the deal.
Keith Williams, UK Steel Enterprise regional manager, said: “This deal strengthens an already successful company, bringing new jobs into the Dearne Valley and creating further growth opportunities for the combined business.
“Their success to date demonstrates that there is strong demand for high quality products manufactured here in South Yorkshire.
“We continue to have funds to invest and are particularly keen on supporting growing companies like Beta Engineering which have the potential to create jobs.”
Hugh Davies, managing director at Beta Engineering Services said: “This acquisition will further strengthen our reputation as highly skilled engineers within our sector, and we are delighted to be in a position to expand our team and service a broader customer base thanks to the additional capabilities we now offer in-house.
“Following what has been, a difficult time for manufacturing, the support that Beta has received from UK Steel Enterprise, Finance Yorkshire and Lloyds Bank in facilitating this acquisition truly demonstrates a commitment from the financial sector to support the industry.”
“The investment has allowed us to expand our business and create new jobs and we hope to continue the expansion in the future”.