Acquisition for engineering firm following funding boost
ROTHERHAM’S Beta Engineering Services has acquired a manufacturer following major expansion.
Beta has acquired Daver Steels’ bar and cable systems division.
UK Steel Enterprise, Finance Yorkshire and Lloyds Bank have backed the business as it expands, with a boost of £300,000.
Beta recently relocated its 27 staff to a 15,000 sq ft Goldthorpe facility, and the Daver Steels’ divisional staff will also make a move to the site.
The company said that this acquisition will enable the expanded business to create more jobs and expand internationally.
Hugh Davies, Managing Director at Beta Engineering Services said: “This acquisition will further strengthen our reputation as highly skilled engineers within our sector, and we are delighted to be in a position to expand our team and service a broader customer base thanks to the additional capabilities we now offer in-house.
“Following what has been, a difficult time for manufacturing, the support that Beta has received from UK Steel Enterprise, Finance Yorkshire and Lloyds Bank in facilitating this acquisition truly demonstrates a commitment from the financial sector to support the industry.”
“The investment has allowed us to expand our business and create new jobs and we hope to continue the expansion in the future”.
UK Steel Enterprise, a subsidiary of Tata Steel, invested £50,000 as part of the deal.
Keith Williams, UK Steel Enterprise regional manager, said: “This deal strengthens an already successful company, bringing new jobs into the Dearne Valley and creating further growth opportunities for the combined business. Their success to date demonstrates that there is strong demand for high quality products manufactured here in South Yorkshire.
“We continue to have funds to invest and are particularly keen on supporting growing companies like Beta Engineering which have the potential to create jobs.”
David Ward, portfolio manager at Finance Yorkshire said: “Beta Engineering Services is a well-established and successful business which Finance Yorkshire is pleased to support. Our investment which will be used as working capital will help enable Beta to achieve its ambition to grow further and create valuable jobs in the region.”
Chris Perkins, relationship director for SME manufacturing firms in South Yorkshire and East Midlands, Lloyds Bank Commercial Banking, said: “Beta Engineering is a fantastic example of a British manufacturing business whose quality components are in demand around the world.”
