STEEL stockholder and processor, Barrett Steel, has refinanced with £90 million from HSBC.

The Bradford-based group, which employs about 30 people at its York-based subsidiary Barrett Precision Tubes, said the funding would support its ambitious growth strategy in the UK and worldwide.

James Barrett, managing director of the £280 million-turnover family business, said: “We are hugely excited about the prospects for the business in the coming years and are very pleased to have achieved the funding we sought to enable us to exploit the UK-based and global opportunities we see for continued growth.”

In December, Barrett Precision Tubes invested in a fibre laser cutting system for its Elvington-based plant to enable it to break into emerging markets.