Pipe firm’s mega Malta contract after Barclays funding
Chesterfield-based Electrosteel Castings UK hopes to increase turnover by more than £7 million after landing a contract in Malta.
The firm anticipates it will boost turnover from £12.4m in its latest financial year, to £20m for 2019.
Established in 2008, it is based at Carwood Road and supplies ductile iron pipes, fittings and pipeline products to the UK water and waste water industry.
The business also specialises in projects including fabrication, installation and pipe maintenance.
It landed the Malta contract after agreeing new funding from Barclays, working in conjunction with the Government’s UK Export Finance Bond Support Scheme.
Stewart Bailie, managing director of Electrosteel Castings, said: “Working in conjunction with UK Export Finance, Barclays has been able to deliver the bonding facilities we required to secure the deal and which will take the business to the next level of our trading ambitions.”
The firm employs 40 at the Chesterfield site, and it has banked with Barclays for more than 13 years, he added.
Matthew Chenery, Barclays relationship director and Sue Bayston, Barclays trade director, put together the funding package.
Sue said: “Stewart Bailie and his team are exploiting to really good effect current market opportunities.
“We look forward to supporting their continuing development and growth plans for many years to come.”