Suffolk-based steel firm is going for growth
PUBLISHED: 17:31 23 November 2018 | UPDATED: 17:32 23 November 2018
An ambitious Suffolk based family owned business is continuing in its expansion with the support of a £20million working capital facility from Lloyds Bank Commercial Banking, which will lead to the creation of a further 50 new jobs.
Founded in 1961, AJN Steelstock is one of the largest steel stockholding companies in the UK, operating from its two bases, head office in Kentford, Newmaket and also in Somerset.
The business provides steel to a wide-ranging customer base spanning across the South of England, the home counties, the Midlands, East Anglia and Wales.
The company supplies steel in stock bars and offer a full proposition that involves preparing and processing steel for customers, using a combination of the latest technology and highly skilled operators.
This includes painting, saw cutting and shot-blasting.
After delivering consistent revenue growth over the last 20 years, AJN Steelstock turned to its long-term banking provider Lloyds Bank to secure the capital needed to drive future growth.
In order to meet buoyant demand, the business is also investing in new machinery which will lead to a 10% increase in its workforce within the next 18 months, on top of the 50% increase it has seen over the past three years.
In its last financial year, AJN Steelstock sold almost 165,000 tonnes of steel, achieving sales of £118 million, up £26 million on the previous year.
The business is aiming to increase sales to £150 million over the next 18-24 months.
AJN Steelstock supplies a wide range of customers with prepared steel, from contractors with large commercial projects to individual Grand Design home style projects, for architects or builders.
Earlier this year the company donated 55 tonnes of steel to the Dale Youth Boxing Club and North Kensington Community Centre as part of the BBC TV special programmes DIY SOS; Grenfell Special.
Two brand new buildings were built and AJN Steelstock supplied the material cut, drilled, blasted and painted and delivered to the fabricator.
Courtney Bell, finance director at AJN Steelstock said: “We’ve seen a consistent uplift in demand for our materials and services in recent years, and this investment represents the latest stage of our ambitious growth plan.
“We look forward to working with the Lloyds Bank team to accelerate the expansion of the business in the future, as we look to continue to innovate and lead within UK steel stockholding.”
Sinead Johnson, business development director at Lloyds Bank Commercial Banking said: “AJN Steelstock is a significant employer in Suffolk, with ambitious plans to grow its operations even further.
“Supporting ambitious firms like AJN Steelstock is one of the many ways we’re helping British businesses, ensuring that they have the tailored funding needed to drive growth and prosper.”