Sheffield’s Samuel Hodge secures multi-million pound refinancing deal with Barclays
Engineering company Samuel Hodge, based in Sheffield, has just secured a multi-million pound refinancing deal with its new banking partner, Barclays.
Samuel Hodge Group, which was founded in 1897, is a privately owned British group of engineering companies that specialize in supplying quality products world-wide.
With an annual turnover of £23m, the group employs 180 people and has sites across the UK in West Thurrock, Harlow, Wrexham and Hull, as well as its head office in Sheffield.
The funding and facilities from Barclays will allow the group to grow further within the UK and also in the export market on a worldwide basis.
Last year Samuel Hodge Group acquired Mac’Ants Abrasives. Through its subsidiary Hodge Clemco, Samuel Hodge is the market leader in the supply and manufacture of abrasive blast cleaning and surface treatment equipment.
Mac’Ants, based in Dinnington, is a supplier of abrasives and blast materials and is one of the world’s largest specialist plastic media manufacturers.
Neal Crisford, managing director at Samuel Hodge Group, said: “Following a recent acquisition and on-going organic growth it was clear that the Samuel Hodge Group needed a banking partner that shared its future vision and needs. After exploring the numerous options we are delighted to have selected Barclays. Their open and direct approach was a ‘breath of fresh air’ and feels like a return to traditional banking with a locally focussed team to meet our needs at all levels of the business.”
Matthew Chenery, relationship director at Barclays said: “We are delighted to support this well-known Sheffield centred engineering group by providing a complete banking solution including funding facilities to support their future growth ambitions and look forward to working closely with the management team to take advantage of future opportunities.”
Kevin Cunningham, corporate partner at Irwin Mitchell, along with Associate Solicitor Emma Garth and Solicitor Sally Cowley, advised Samuel Hodge Group on the banking deal and associated Group restructure.
Kevin said: “This is a significant milestone in the long history of Samuel Hodge. The business is a superb example of Yorkshire’s engineering excellence and this deal will provide an important platform for expansion not just in the UK, but also overseas.”
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