BGF invests £2.5m in Yorkshire-based interiors subcontractor Horbury
Backing marks investment company’s third in construction sector
The Business Growth Fund (BGF), the independent investment company established by five of the UK’s high street banks, today announced a £2.5m growth capital investment in specialist interiors subcontractor Horbury Group.
Founded in 1993 by Trevor Wragg, Horbury provides internal fit-out services such as partitioning, ceilings, joinery and flooring through its seven subsidiary companies to large clients in the construction industry.
Since launch the Yorkshire-based firm has grown into one of the UK’s leading specialist interior fitters, with a combined turnover of more than £50m and a workforce of 800 people.
Its clients include major construction companies including Carillion, Balfour Beatty, Kier, and Shepherd Construction.
The £2.5m BGF investment is the investment company’s third in the construction sector, following a £10m investment in property services business TCL Holdings in May of this year and a £5.4m backing of scaffolding services specialist SHS Integrated Services in 2012.
BGF said the backing would enable Horbury to bid for larger, and a greater quantity of, projects in the construction industry. The investment will also be used to “significantly” increase its workforce in the year ahead.
Trevor Wragg, founder and managing director of the Horbury Group, said: This funding means that we can act on growth opportunities that we have identified as part of a recent strategic review of our business and market. Our core trades are seeing demand as the construction industry is returning to growth.
“It’s great to know that the enthusiasm and confidence we have for the business and the future is shared by our backers.”
Andy Gregory, BGF regional director for the north of England, added: “Horbury Group is one of a small number of businesses in its sector with the size and scale needed to operate nationally; and as the recovery of the construction industry continues, it is well placed to take advantage of a growing pipeline of work.
“It is one of several businesses that we have backed which are acting on exciting growth opportunities generated by an improving UK construction sector. This is exactly where BGF’s growth capital is intended to help – enabling businesses to capitalise on opportunities that they might otherwise be unable to take full advantage of.”