Menmedia reported that a steel business is targeting growth after receiving a GBP 700,000 finance package from Yorkshire Bank.
Radcliffe based Steel Dynamics was founded in September to supply stainless steel, duplex and nickel alloys to international customers in the nuclear, oil and gas and petrochemical sectors.
The business, based on the Bradley Fold Trading Estate, is majority owned by entrepreneur Mr Ian Griffiths, who sold his GBP 35 million turnover, Blackburn based firm Metals UK to AM Castle in 2007 in a multi million pound deal.
Now Steel Dynamics, which has 10 staff, has secured an invoice finance facility, which it will use to invest in stock, processing equipment and IT.
Mr Griffiths CEO said he expects the business to achieve revenues of GBP 10 million to GBP 12 million within five years.
He said that “We’re aiming to become a significant player in the speciality steel industry.”
Garry Birchall a business development manager at Yorkshire Bank, said that “Ian has a superb track record in the high-value metals industry and a reputation for creating, rescuing and growing successful businesses. Ian and his team have a very clear strategy for achieving growth with Steel Dynamics and we are pleased to be supporting the company's aspirations.”
Mr Griffiths is also the owner and chief executive of Eaves Machining, based in Gorton, Manchester, and a director of Bolton's Axis Sheet Metal.