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December 02, 2008


Management buy out complete at Barrett Steel Buildings

It is reported that UK based Barrett Steel Buildings, the specialist design and build fabricator of structural steel, has been bought out by its senior management for an undisclosed sum. New majority shareholders Mr John Brennan and Ms Sue Sharples will act as joint MD with Ms Sharples retaining her responsibilities for the company’s financial function.

Barrett Steel Buildings, which has a turnover in excess of EUR 25 million plans to continue its growth and expects to win a number of contracts as part of its work for the 2012 Olympics. Its projects ranges from single storey retail, industrial and distribution schemes to multi storey solutions in the commercial, education and retail sectors. Current work includes a EUR 1.5 million scheme for the redevelopment of Tong School in Bradford.

Mr Brennan said “As a team we are delighted to take the company forward into the future. We remain optimistic that construction activity will continue to grow, boosted by work for the 2012 Olympics. Publicly funded construction remains strong, particularly in education which is a key sector for Barrett Steel Buildings Limited. We are also seeing strong demand in multi-storey commercial and retail projects in which Barrett Steel Buildings has developed extensive expertise. The company has recently invested two million pounds in new production facilities which will enable the company to develop its competitive edge.”

Ms Sharples commented: “The selling shareholders, who are also directors of Barrett Steel Limited, the national steel stockholding group were keen to transfer the business to the current management team and we are delighted to say we have their full support. Our Bradford site is adjacent to the Barrett Steel Ltd site and the directors of both companies plan that the close working relationship between the two businesses will continue.

Mr Richard Barrett, formerly a major shareholder, becomes non executive chairman of the Barrett Steel Buildings’ new holding company for a period of two years to aid the smooth transition of the business to its new ownership. He said “I remain fully committed to the continued success of Barrett Steel Buildings Ltd and am keen to help the new management team with the next stage of the company’s development.”