D&J Steels gears up with refinancing deal
D&J Steels, based in Wolverhampton, has undergone a refinancing deal after completing two acquisitions.
The company, which claims to be the largest steel stockholder to the UK's forging industry, said the move came after it bought two companies, including rival stockholder Midsteel Bars from the Midsteel Group, in March this year.
Lloyds TSB created an undisclosed invoice discounting facility and a commercial mortgage for the business.
The refinancing deal was initiated by the Midlands office of advisory firm Crowe Clark Whitehill and structured by Select Business Finance, an asset-based lending advisory firm.
Chris Hutton-Penman, chairman of D&J Steels, said: "We are looking to grow and this refinancing is part of our plans going forward. The two acquisitions have settled in nicely and the enlarged group is performing well. We used Crowe Clark Whitehill on each occasion.
"These are difficult economic times and having this financial package in place will mean we are even more robust and able to take advantage of what opportunities may present themselves."
D&J Steels has a turnover of about £10m and employs 20 people.
