One of the UK’s largest private steel stockholder, Barrett Steel Limited has secured an £80m funding package to expand in to international markets.
According to the Bradford-based steel manufacturer and stockholder, the money will be used to help grow the business overseas with a particular focus on South East Asia and the Middle East.
The funds will also reportedly be used to consolidate the company’s position within the UK.
- Swift & decisive action needed to support UK steel
- New funding boosts Hampshire firm’s export reach
- A fully-functioning steel mill made from Lego
A certain percentage of the funds – expected to be around £6m – is likely to be invested in purchasing the latest technology and equipment in steel processing to ensure the firm is able to meet customer demands.
The money has also enabled Barrett Steel to develop new supplier and customer relationships in South East Asia and the Middle East.
To go along with the extra funding, the company has set out its five-year plan with objectives to boost its turnover from £250m to £300m by 2020.
The firm employs more than 1,000 people across the group and has customers in Dubai and Abu Dhabi, with further plans to develop stronger connections with customers in the UAE.
James Barrett, group managing director, commented: “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.”
Barrett Steel Group has a turnover of £250m and 200 employees at its Head Office in Bradford.