Barrett Steel, which lays claim to being the largest steel stockholder in the UK, has today confirmed its intention to purchase a number of British Steel distribution centres immediately upon the sale of British Steel to Jingye.
The family-owned company, which was formed in 1866 and has expanded organically and through acquisition, is hopeful of securing British Steel Metal Centre sites in Wolverhampton, Dartford, Newcastle and Scunthorpe alongside offices in Cheadle and Edinburgh.
Barrett Steel is waiting for the sale of British Steel to be finalised.
In an official statement, the company has commented: “Discussions are continuing, but we would like to clarify that the sale between Jingye and Barrett’s will only be completed once the sale between British Steel and Jingye is confirmed.”
Barrett Steel currently operates from 27 UK sites and has four main business divisions: General steel, engineering, tubes and international. It turned over £328 million at the year end 30 September 2019 and employs 1,100 people. Over the last seven years, the business has spent £50 million on acquisition.