Brigg-based business Peacock and Binnington has acquired Hull-based Northfield Agricultural Services Limited with new funding facilities from Barclays.
Established in 1894, Peacock and Binnington is headquartered at The Old Foundry, Brigg, North Lincolnshire. The company is a leading agriculture machinery dealer operating throughout Lincolnshire and Yorkshire with further outlets at Corringham, Halsham, Louth and Selby.
Specialising in new and used agricultural equipment of all sizes, the business also supplies parts and services for the machinery.
Graham Main, managing director at Peacock and Binnington said: “We’ve been banking with Barclays for over 30 years so we were delighted when they were able to help with funding for the acquisition for the Northfield business which will expand our geographical reach considerably and takes us back in to the East Yorkshire region where our company was founded 125 years ago.
“The new funding has enabled us to not only acquire the business but to also invest in our team and identify synergies across the group. Barclays support has secured our continued growth plans and will help us take the business to the next level of our trading ambitions.”
Peacock and Binnington employs 135 people across the group and turnover for the current year with the new acquisition is expected to exceed £60m.
Kevin Peart, Barclays relationship director, put together the funding package for the deal and said: “We’ve been supporting Peacock and Binnington for many years and it’s great to see loyal clients successfully growing their business, investing for the future and contributing to the local economy.
“Graham and his team operate a thriving business and we’re delighted to support this ambitious and highly specialised company with their future growth plans.”
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