Link-up to create 'one safe source' for lifting needs

A HULL-BASED lifting firm has acquired a company specialising in wire rope and chain products.

O'Pray & Sons Ltd has been bought by Pearson and Curtiss Limited in Spyvee Street, east Hull.

The move consolidates two major players in the north east lifting equipment market.

Pearson and Curtiss examines, tests, manufactures and supplies lifting and height safety equipment to a range of companies across East Yorkshire.

O'Pray & Sons, which operates across the north of England, Yorkshire and Scotland, supplies wire rope and chain products for the lifting equipment market.

The £1m acquisition will form a combined entity with a turnover of more than £2m, which will employ 19 staff in Hull.

The opportunity to buy O'Pray & Sons arose due the existing owners' retirement.

Managing director Keith Johnson said the deal would enable the group to widen its service offering and customer base.

He said: "The acquisition will expand the range of services and expertise provided by a trained and enthusiastic workforce within both companies, enabling the group to deliver 'one safe source' of lifting equipment to existing and new customers."

The acquisition was supported by Absolute Invoice Finance Limited.

Pearson and Curtiss, who were advised on the transaction by Martin Overfield of Smailes Goldie accountants in Hull, also secured loans from The Hull Business Development Fund and Yorkshire Forward's Partnership Investment Finance to help fund the transaction.

Andy Svenson, director of Pearson and Curtiss Limited, said securing the lending support and invoice finance facility was vital to funding this acquisition.

He said: "The transaction will enable the two businesses to benefit from a broader customer base, economies of scale and greater financial security."

James Mortimore, regional manager for Absolute Invoice Finance in East Yorkshire, said he was delighted to be supporting Pearson and Curtiss through the acquisition.

He said: "In spite of the challenging conditions in the manufacturing and construction markets, Pearson and Curtiss has continued to perform well due to its counter-cyclical engineering safety services.

"As a result, the firm has been able to continue its expansion strategy and position itself for the economic recovery."

Link

Pearson and Curtiss

www.pearsoncurtiss.co.uk