A Shoreham-based family steel company has been taken over by the UK’s largest steel business, saving more than 50 local jobs.
John Parker and Son Ltd, also known as ParkerSteel, has been bought out of administration by Barrett Steel, which will take over the Shoreham Port site.
Barrett Steel’s managing director James Barrett said: “This acquisition allows the group to develop its presence in the south of England which complements our existing processing hubs in the north.
“We are excited to welcome the Shoreham team to our business and are positive about the future of the steel industry.”
More than 50 employees will transfer over to the new company, which will operate as Barrett Steel Shoreham.
ParkerSteel had gone into administration last Tuesday (August 20).
In addition to the port, the acquisition also sees Barrett Steel acquire extensive processing equipment on the site including shot blast prime and paint facilities.
Rodney Lunn, chief executive at Shoreham Port, said: “We have had the pleasure of meeting many of the Barrett Steel senior management team over the last couple of weeks and are really pleased to sign all of the leases over to them, as we feel their vision and values for the future very much align with those of Shoreham Port. It is great to have such a strong and well respected partner running the steel facility.”