More investment for Horbury Group
SPECIALIST interiors subcontractor Horbury Group has plans to significantly increase its workforce act on growth opportunities thanks to a £2.5m investment.
The investment has been made by the Business Growth Fund (BGF) – an independent company established to help Britain’s growing businesses – and is BGF’s first investment in South Yorkshire.
Rotherham-headquartered Horbury, which also has offices in London and South Wales, said it now expects to be able to tender for larger projects. Horbury Group was founded in 1993 by current group managing director Trevor Wragg as a specialist subcontractor for the construction industry. It comprises three principle subsidiaries; Horbury Building Systems, Titan Interior Solutions, and MWS Joinery. It has a combined turnover in excess of £50m and a workforce of 800 people.
Trevor Wragg, founder and group managing director of Horbury, said: “This is great news for the company and everyone associated with it. This funding means that we can act on growth opportunities that we have identified as part of a recent strategic review of our business and market.
“Our core trades are seeing demand as the construction industry is returning to growth. Last year we opened two new offices in the South West and in Central London primarily to improve our service to clients in these areas. This investment has paid off, and contributed to the strong growth we achieved over the last 2 years throughout England and Wales. It’s great to know that the enthusiasm and confidence we have for the business and the future is shared by our backers.”
Earlier this month, Horbury also announced it had secured a £6m finance package from HSBC.
Horbury provides internal fit out services including partitioning, ceilings, joinery and flooring to major construction companies including Carillion, Balfour Beatty, Kier and Shepherd Construction.
Andy Gregory, BGF’s regional director for the North of England, said: “Horbury Group is one of a small number of businesses in its sector with the size and scale needed to operate nationally; and as the recovery of the construction industry continues, it is well placed to take advantage of a growing pipeline of work.
“It is one of several businesses that we have backed which are acting on exciting growth opportunities generated by an improving UK construction sector. This is exactly where BGF’s growth capital is intended to help – enabling businesses to capitalise on opportunities that they might otherwise be unable to take full advantage of.”
BGF’s investment team includes Neil Inskip and Sam Davies. The advisers to the transaction for BGF were Andrea Cropley and James Foster of Irwin Mitchell (legal) and Fletcher Adamowicz of Grant Thornton (tax). HLW Keeble Hawson (legal) acted for Horbury Group.
BGF has invested around £30m in the county to date via its Leeds and Manchester based local investment teams.
