A SCOTTISH welding and cutting company has hailed the multi-million-pound acquisition of a quality control business based south of the Border.
WB Alloys, headquartered in Glasgow, has expanded its operations through acquiring a 50 per cent interest in TVC, an English data and welding inspection business, after receiving facilities from Barclays totalling £4.8 million.
The expansion will take the business to a £25m turnover by the end 2024, and will increase its headcount by 15 to 58.
READ MORE: Firm aims to double annual turnover
The backing has supported WB Alloys' wider expansion push marked with the stake in TVC, which uses technology to inspect welding, carry out laser scanning, collect data and produce detailed and technical reports which are required to adhere to inspection standards.
Paul Houston, director, WB Alloys, said: “The recent acquisition of TVC will allow us to become a global end-to-end service provider, operating at high standards and with the latest technology in the marine, nuclear, oil and gas, renewables, construction and power generation sectors."
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He also said: "WB Alloys has grown by around 30% in the last three years, and we’re on target to grow by an estimated 40% by the end of 2024.
“Our new relationship with Barclays has given us the confidence required to expand in the current economy and support our plans for 2023 and beyond.”
READ MORE: Scottish company acquires oil and gas division of US giant
Jamie Grant, managing director of Barclays corporate banking in Scotland, said: “WB Alloys is a great example of a Scottish business which has expanded globally and has worked hard to diversify and take a solution-driven approach. Investing in technology is key to the pace of growth required and Barclays is pleased to have played a part in this success story.”
The business was acquired by Mr Houston in 2015 in a management buy-out. The company, which operates across sectors, has more than doubled its staff in the last five years.
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