Derbyshire manufacturer looks to EU deals in rush to beat Brexit block
The chief executive of Sandiacre-based manufacturer of engineered components, systems and services, Avingtrans has told TheBusinessDesk.com that it will concentrate on overseas expansion before Brexit blocks access to the single European market.
Speaking on the day the company went back into the black, Steve McQuillan said Avingtrans was now a “buy and build” business, and one that was looking to swoop for overseas rivals in a hurry.
He said: “We’re looking abroad for targets as it’s obvious that post-Brexit, the government won’t be able to recommend us for any work in EU countries. We’re well placed in the UK for nuclear work, but it’s our non-nuclear divisions that need bolstering with overseas acqusitions.
“We realise we have to act quickly on this, so that will be our main focus over the next 12 months.”
McQuillan said that Avingtrans, which posted neutral results for the second six months of its financial year yesterday, had “set out its stall” and was on course with financial predictions. He said that 2017/18 would see the company return to profit.
The firm also announced that it had bought superconducting magnet and cryogenic systems company Space Cryomagnetics, trading as Scientific Magnetics’ for £347,000.
