Hull lifting specialist buys rival

HULL-based lifting equipment specialist Pearson and Curtiss has bought its rival in the city, JW O’Pray & Sons.

The deal has created a £2m turnover business employing 19 staff at two sites in Hull. It will specialise in testing, making and supplying lifting and height safety equipment.

The acquisition, valued at £1m, was funded with a package of facilities including invoice finance from Absolute Invoice Finance, formerly part of Batley-based Cattles.

Pearson and Curtiss also secured loans from the Hull Business Development Fund and Yorkshire Forward’s Partnership Investment Finance

Andy Svenson, director of Pearson and Curtiss, said: “Securing the lending support and invoice finance facility from Absolute was vital to funding this acquisition, which will no doubt prove to be an excellent strategic fit.

“The transaction will enable the two businesses to benefit from a broader customer base, economies of scale and greater financial security.”

JW O’Pray was sold because its owners had decided to retire. Managing director Keith Johnson said: “The acquisition will expand the range of services and expertise provided by a trained and enthusiastic workforce within both companies, enabling the group to deliver ‘one safe source’ of lifting equipment to existing and new customers.”

Martin Overfield of Hull-based accountants Smailes Goldie advised on the deal.