Finance package to strengthen Special Steel Group
MANUFACTURING business The Special Steel Group has secured a significant seven figure funding package to support its growth plans.
The Sheffield-based company is to use the finance from Lloyds Bank Wholesale Banking & Markets in Sheffield set to bolster its product offering within both its Special Quality Alloys subsidiary, which manufactures and distributes nickel based super alloys and high-strength steels, and its Sheffield Quality Forge subsidiary, which supplies open die forgings and ring rolled products.
In addition, the business is planning to use part of the funding to invest in state-of –the-art plant and machinery and to build a new office and distribution facility in Sheffield, whilst redeveloping parts of its existing property portfolio into a new manufacturing site and to provide additional working capital.
Established in 1925, the family-owned and operated business posted a 40% increase in turnover in 2011 to £41m and is expecting to report a further 20% growth in revenues this year.
Chris Bradshaw, group operations director at the company, said: “Continued investment in new products and technology is one of the main reasons why we have traded successfully for over 80 years. Lloyds Bank’s support has given us the firepower we need to invest for future growth.
“We will continue to strengthen the capabilities of our complementary businesses as they each look to serve a growing and diverse range of international markets.”
Tom Rumboll, business development director for Lloyds Bank Wholesale Banking & Markets in South and East Yorkshire said: “We have been closely following The Special Steel Group and its management team for a number of years before welcoming them into the bank.
“Businesses like Special Steels are the growth engine of the Sheffield City Region’s economy and we are looking forward to deploying our knowledge of, and appetite for the manufacturing sector to support their future ambitions, and with it, Sheffield’s proud manufacturing heritage.”
