Steel firm looks to double sales after relocation

A STEEL business is looking to double revenues after relcating from Northern Ireland to the Wirral.

Capital Reinforcing, which specialises in cutting and bending of steel reinforcing bar for the building and construction industries, says its move to the North West will save it significant transportation costs as it will be able to import raw material into it new base in Bromborough and then deliver finished goods to customers on the mainland.

Its relocation from Belfast has been supported by Barclays with a £4m combined loan and working capital facility.

Capital Reinforcing has invested in a new 36,000sq ft head office and processing plant in Bromborough which has created 20 obs, safeguarded 14, and will enable the business to increase capacity from 25,000 tonnes of cut and bent steel per year to 40,000 tonnes.

As well as improving efficiencies and reducing transport costs, turnover is forecast to double to £24m by the end of 2016.

Director Dermot Owens said: “The relocation will significantly increase the capacity of the business and enable us to take on more significant projects in the future.”

The Barclays team was led by relationship director Sean Askham. He added: “The development of the new site on Pool Lane is an excellent example of how access to the Mersey Ports are helping to attract businesses that are able to make use of the waterways as a means of transporting goods more efficiently and in a more carbon-friendly way.”