Billington Holdings is to acquire assets from Sabler Enterprises and Sherling Steel
Steel specialist Billington has announced the 拢4.9m purchase of machinery and manufacturing facilities to help up its steel production.
The firm has conditionally agreed to buy a 25-acre site from Sabler Enterprises for 拢2.5m in Shafton, Barnsley and to acquire equipment and other related assets from Sherling Steel for 拢2.38m via its subsidiary Billington Structures.
The completion of the acquisition from Sherling Steel is conditional on the completion on the land acquisition from Sabler.
The purpose of the acquisitions is to give Billington access to new machinery and increased capacity. The firm plans to use the site and equipment at Shafton to complement its structural steel divisions in Barnsley and Bristol.
Billington chief executive Mark Smith (pictured) said: 鈥淚t is an exciting period of change for Billington and one that the directors believe will further strengthen the Company鈥檚 market position through increased capabilities, capacity and product offerings鈥�.
The acquisitions will be partly funded by the company鈥檚 cash resources which amount to 拢6.4m and a commercial mortgage from HSBC.
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