Steel stockist adds to its pipeline with acquisition

STEEL stockist Marla Tube Fittings has bought a Greater Manchester manufacturer, enabling the company’s founders to retire.

Steadfast Engineering was set up 40 years ago by Ken and Andrea Sharp and the business has grown to a turnover of £17.9m last year, generating pre-tax profits of £4.4m.

It manufactures pipeline components for critical applications to the international oil and gas project market.

Mrs Sharp said they could “now look forward to our retirement greatly”.

“Ken and I are incredibly proud of the business we have built over the past 40 years and believe that the business will continue to grow from strength to strength under Marla’s ownership,” she added.

Steadfast currently employs more than 90 staff and also has operations in Aberdeen where it services the North Sea repair and maintenance market.

Alcester-based Marla already has warehouses and production facilities throughout the UK, Dubai and China, and the deal will add sites in Hyde, Aberdeen and Falkirk.

Marla turned over £78m in 2014, its most recent accounts show, but remained profitable despite a sharp drop in activity in international pharmaceutical projects. Around two-thirds of its revenues came from overseas.

The terms of the deal were not disclosed.