Agriculture machinery business targets £60m turnover after snapping up rival firm

An agriculture machinery business is set to exceed the £60m turnover mark after completing the acquisition of a Hull-based competitor.

Peacock and Binnington has snapped up Northfield Agricultural Services with new funding facilities from Barclays.

Headquartered at The Old Foundry, Brigg, North Lincolnshire, Peacock and Binnington specialises in new and used agricultural equipment and also supplies parts and services for the machinery.

The company operates throughout Lincolnshire and Yorkshire with further outlets at Corringham, Halsham, Louth and Selby.

Graham Main, managing director of 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.”

Established in 1894, Peacock and Binnington employs 135 people across the group.

Kevin Peart, Barclays relationship director who put together the funding package for the deal, 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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