Yorkshire Bank and Royal Bank of Scotland provide new banking facilities to Severfield-Rowen

17/11/2011

Yorkshire Bank and The Royal Bank of Scotland are pleased to announce that they have provided a £50 million funding package to Severfield-Rowen Plc, the market leading structural steel group, based in Thirsk.

The new banking package comprises a £50 million revolving credit facility for five years through to November 2016 and will be used by Severfield-Rowen for ongoing working capital purposes.

Severfield-Rowen has an international reputation with its services and products being used in a wide variety of prestigious construction projects ranging from the 2012 Olympic Stadium; the ‘Shard of Glass’; Heathrow’s Terminals 2A and 5; Wimbledon Centre Court roof and the new Riverside Museum in Glasgow.

Tom Haughey, chief executive at Severfield-Rowen Plc, said:

“We are pleased to have negotiated new banking facilities with Yorkshire Bank and The Royal Bank of Scotland, continuing our close relationship with two leading banks who share an understanding of our business and the company’s longer term strategy.

“These new facilities will enable the company to execute its current investment intentions in India as well as support our operational requirements in the UK.”

Yorkshire Bank’s Corporate and Structured Finance team was led by Daniel Rosinke, area director for the Corporate Banking team in Leeds. He said:

“Given Yorkshire Bank’s long-term relationship with Severfield-Rowen we have developed an excellent understanding of their requirements and we are pleased to be able to extend banking facilities for the next five years.

“Severfield has been involved in some of the UK’s highest profile construction projects of recent years and also has a secure base from which to build for the future. The group is well placed to take advantage of any future improvements in domestic market conditions and benefits from substantial growth opportunities in its target market in India, where demand for structural steel is growing.

“We are proud of our long association with the company and given their excellent business plan and position within the industry we are confident the Bank will retain its close ties with this successful company for many years to come.”