Manufacturer creates £12m-turnover firm with Warwickshire acquisition

MANUFACTURING firm Thornhill Heat Exchangers has acquired a Warwickshire business, creating a combined £12m-turnover firm, employing 155 people.

Universal Heat Transfer was bought with the help of funding from Barclays.

Thornhill itself was established in 1988. The firm designs and manufactures gaskets and heat exchanger spares in the UK and overseas.

Mike Thornhill, chief executive of Thornhill Heat Exchangers Limited said: “We’ve been looking to expand the business for some time now and with low interest rates and a more stable economic outlook we felt the time was right to invest.

“Universal Heat Transfer operates in the same sector and provides the opportunity for growth into a new market. The deal with Barclays provided a suite of products which will provide the flexibility for future growth and we have also been supported by Finance Yorkshire with additional funding to support our future growth.”

Matthew Chenery, Barclays relationship director commented: “This is a strategically important acquisition for Mike and his team and the investment for the future reflects the improving confidence which we are seeing across South Yorkshire entrepreneurs. We wish Mike and his team every success as he continues to develop and grow his business and look forward to supporting him going forward.”

Karl Hodson, Finance Yorkshire investment manager, said: “Thornhill Heat Exchangers is an established business with a reputation for high quality manufacturing.

“It is a very good example of the successful and ambitious businesses Finance Yorkshire is able to support.

“The funding from Barclays has allowed Thornhill to complete a very strategic acquisition and our funding will provide additional working capital to enable the growth of the enlarged business.”