A BLACK Country steel stockholding firm has undergone a refinancing following two acquisitions.
Wolverhampton-based D&J Steels supplies the UK forging industry and has a turnover of £10m, employing 20 people.
It has agreed a new invoice discounting facility and a commercial mortgage for the business via Lloyds TSB.
Kidderminster-based Crowe Clark Whitehill advised on the deal, with additional structuring from Select Business Finance, a specialist asset based lending advisory firm, with offices in Wolverhampton and Shrewsbury.
Run since 2008 by directors Chris Hutton-Penman and Peter Davies, the company has over 38 years of experience serving the forging, engineering and oil and gas sectors.
In 2009, it acquired Kingswinford-based Midsteel Bars from the Midsteel Group and last year it bought out Oldbury-based Woodsetton Steels.
Both have since been integrated into the group’s Wolverhampton operations.
Chairman Chris Hutton-Penman said: “We are looking to grow and this refinancing is part of our plans going forward.
“The two acquisitions have settled in nicely and the enlarged group is performing well.
“These are difficult economic times and having this financial package in place will mean we are even more robust and able to take advantage of what opportunities may present themselves.”
Pic from left: Andy Kay of Crowe Clark Whitehill, Mike Middleton and John Myerscough from Lloyds TSB, Chris Hutton-Penman of D&J Steels and Chris Jones of Select Business Finance.
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