Manufacturer set to become £20m firm with Maltese deal
Chesterfield based business Electrosteel Castings UK has announced expansion plans with after landing new funding from Barclays.
The firm says the new banking agreements, along with the Government’s UK Export Finance Bond Support Scheme, has enabled the business to secure an overseas contract in Malta which will boost its turnover to over £20m this year.
Electrosteel Castings UK Limited is based at Carwood Road, Chesterfield. The company is a supplier of ductile iron pipes, fittings and ancillary pipeline products to the UK water and waste water industry. The business also specialises in turnkey projects including fabrication, installation and maintenance of pipe solutions.
Stewart Bailie, managing director, said: “We’ve been banking with Barclays for over 13 years so we were delighted when they were able to help with funding for this important contract which is pivotal in our expansion plans for the future. Working in conjunction with UK Export Finance they have been able to deliver the bonding facilities we required to secure the deal and which will take the business to the next level of our trading ambitions.”
Electrosteel Castings UK employs over 40 people at the Chesterfield site and turnover in its last financial year was £12.4m. It says the new contract boost revenue to over £20m for 2019.
Matthew Chenery, Barclays relationship director and Sue Bayston, Barclays Trade Director, put together the funding package for the deal.