Friday, July 11, 2014

News: Horbury Group to build with BGF backing

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Rotherham construction specialist, The Horbury Group has secured £2.5m from the Business Growth Fund (BGF) as it looks to tender for larger, and a greater quantity of, projects and significantly increase its workforce.

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.

BGF was established in 2011 to help Britain's growing smaller and medium sized businesses. Backed by five of the UK’s main banking groups – Barclays, HSBC, Lloyds, RBS and Standard Chartered – BGF is an independent company with up to £2.5bn with which to make long-term equity investments.

The funding comes at the same time as Horbury secured a £6m funding package from HSBC.

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. Expanding nationwide, the company already has a workforce of 800 people.

Subsidiaries provide internal fit out services including partitioning, ceilings, joinery and flooring to major construction companies including Carillion, Balfour Beatty, Kier, and Shepherd Construction. They have worked on a range of high profile projects including the Manchester Civil Justice Centre (pictured) and The Co-operative's headquarters in Manchester, the Queen Elizabeth Hospital in Birmingham and the City Lofts development at St Paul's Place in Sheffield.

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 two 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."

Andy Gregory, regional director for the North of England at BGF, added: "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."

Horbury Group website
BGF website

Images: Horbury Group

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