Barclays funding assists aquisition for South Yorkshire manufacturer

South Yorkshire manufacturing business Thornhill Heat Exchangers Limited has acquired Warwickshire-based business Universal Heat Transfer with funding from Barclays.

Established in 1988, Thornhill Heat Exchangers Limited is based at Park Springs Industrial Estate, Grimethorpe, Barnsley.

The company designs and manufactures high quality gaskets and supplies aftermarket Plate Heat Exchanger spares to the both the UK and overseas.

Thornhill Heat Exchangers is the largest independent service facility in Europe covering a comprehensive and ever increasing range of plate specifications.

Mike Thornhill, chief executive of Thornhill Heat Exchangers Limited, said: “We’ve been looking to expand the business for some time now and with low interest rates and a more stable economic outlook we felt the time was right to invest. Universal Heat Transfer operates in the same sector and provides the opportunity for growth into a new market.

“The deal with Barclays provided a suite of products which will provide the flexibility for future growth and we have also been supported by Finance Yorkshire with additional funding to support our future growth.”

Following the acquisition, Thornhill Heat Exchangers now employs 155 and is expected to reach a £12m turnover this year.

Matthew Chenery, Barclays relationship director, added: “This is a strategically important acquisition for Mike and his team and the investment for the future reflects the improving confidence which we are seeing across South Yorkshire entrepreneurs. We wish Mike and his team every success as he continues to develop and grow his business and look forward to supporting him going forward.”

Karl Hodson, Finance Yorkshire investment manager, also commented: “Thornhill Heat Exchangers is an established business with a reputation for high quality manufacturing. It is a very good example of the successful and ambitious businesses Finance Yorkshire is able to support. The funding from Barclays has allowed Thornhill to complete a very strategic acquisition and our funding will provide additional working capital to enable the growth of the enlarged business.”

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