Tuesday, June 17, 2014

News: Horbury Group secures £6m to support growth

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Rotherham construction specialist, The Horbury Group has secured a £6m funding package from HSBC to support growth and help the company bid for larger contracts.

From its headquarters in the Moorgate area, the group combines a number of subsidiaries that specialise in areas including joinery, ceilings, dry lining, health and safety training, and recruitment.

The funding has been provided by HSBC's Yorkshire Corporate team in a deal managed by Guy Rothery. The company will use the finance to help drive growth as the recovery in the construction industry continues, enabling it to tend for larger, and a greater quantity of, projects. Horbury Group said it has seen improvement in demand for its core trade products of dry wall, ceilings, partitions, flooring and joinery.

The Horbury Group, which formed in Sheffield in 1993 as Horbury Building Systems, has gone from strength-to-strength over recent years, increasing its turnover from £1.4m in its first year to over £50m today.

Subsidiaries have worked on a range of high profile projects including the Manchester Civil Justice Centre and The Co-operative's headquarters in Manchester, the Queen Elizabeth Hospital in Birmingham and the City Lofts development in St Paul's Place in Sheffield.

Horbury Building Systems Ltd was recently amongst the winners of this year's Federation of Plastering and Drywall Contractors Plaisterers' Awards for its £7m work on the plasterboard lined and skimmed, eleven storey high, circular atrium at Birmingham's iconic new library (pictured).
Trevor Wragg, founder and chief executive of Horbury Group, said: "We identified a number of growth opportunities as part of a recent strategic review and this funding will enable us to pursue these. The construction market certainly went through some difficult times but it has strengthened in recent months and confidence appears to have returned.

"We opened two new offices last year, in London and the South West, to meet clients' needs in those markets and we are confident of continued growth this year."

Mike Swift, deputy head of corporate for the Yorkshire region at HSBC, added: "Successful mid-market companies such as Horbury Group are vital in driving the Yorkshire, and wider UK economy, forward, particularly in a sector such as construction. The company showed strong management and resilience during the downturn and is now demonstrating its ambition with its growth strategy."

Guy Rothery, corporate banking manager at HSBC, concluded: "We are delighted to have been able to work with Horbury Group management over a period of time to enable the release of greater working capital facilities to support the growing demand for Horbury's services in the new build construction market. We look forward to working alongside them for many years in support of the Board's strategic objectives."

Horbury Group website
HSBC website

Images: Horbury / Mecanoo Architects

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