Engineering group borrows millions

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Sheffield-based engineering company Samuel Hodge has secured a multi-million pound refinancing deal to boost trade in the UK and overseas.

Founded in 1897 with its origins in ship repairing and machine tool rebuilding, Samuel Hodge is a privately-owned British group of engineering companies, with a long history of supplying products world-wide.

Employing 180 people, the group has an annual turnover of £23m and, in addition to a head office in Sheffield, it has sites across the UK in West Thurrock, Harlow, Wrexham and Hull.

In October, subsidiary Hodge Clemco bought Mac’Ants Abrasives, the market leader in the supply and manufacture of abrasive blast cleaning and surface treatment equipment, based in Dinnington.

Now it has moved its banking to Barclays.

Neal Crisford, managing director at Samuel Hodge Group, said: “Following a recent acquisition and on-going organic growth it was clear that we needed a banking partner that shared our vision.

“The funding and facilities will help the group grow in the UK and in the export market worldwide and enable them to exploit their innovation and design expertise through the manufacturing processes.”

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 growth ambitions.”

Irwin Mitchell advised the group on the banking deal and restructure.

Kevin Cunningham, IM corporate partner, 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.”

Samuel Hodge & Sons, Engineers and Ship repairers, of West Ferry Road, Millwall, was incorporated into a limited company on the May 17 1897 by the owning Hodge family.