£80m growth for Barrett Steel

£80m growth for Barrett Steel

One of the UK’s largest private steel stockholders has secured £80m in funding from HSBC to help boost its operations both at home and overseas.

Bradford-based Barrett Steel Limited has particular interest in South East Asia and the Middle East.

The stockholder and manufacturer will be investing £6m of the funding in new steel processing technology and equipment to ensure that it is meeting customer demands more efficiently.

The company has also set out a five-year plan, aiming to secure customers in new sectors and boost its turnover by £50m, to £300m, by 2020.

With 1,030 employees across the group, Barrett Steel currently works in key cities like Dubai and Abu Dhabi in the United Arab Emirates (UAE). Since last year, HSBC has assisted the business in developing stronger relationships in the UAE.

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.”

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 revaluated 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.”

 

 

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