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Barrett Steel Secures £80M Funding To Grow Overseas Markets

Barrett Steel Secures £80M Funding To Grow Overseas Markets

Added to MTDCNC by MTDCNC on 29 September 2016

Steel suppliers Barrett Steel has secured £80m as part of a funding package to grow its turnover to £300m. The Bradford-based business will be investing £6m in steel processing technology and equipment whilst the financial support will help it expand overseas. The five-year plan will aim to secure customers in new sectors and boost its turnover by £50m to £300m by 2020.

The company is aiming to develop its presence in Southeast Asia and the Middle East. Barrett Steel currently works in key areas such as Dubai and Abu Dhabi in the United Arab Emirates. The company currently has a turnover of £250m with 200 employees at its head office in Bradford and 1,030 employees across the group.

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."

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