Return to independence
Servosteel (Holdings) Ltd has today announced the acquisition of Steelstrip Services Ltd (formerly Essar Steel Processing & Distribution UK Ltd).
Phillip Guest and Mark Anderson, who were respectively CEO and CFO of the former Essar Group owned company, have completed a Management Buy-out (MBO) of the business which has changed its name to Steelstrip Services Ltd and will now with immediate effect trade as SERVOSTEEL.
As the UKs largest supplier of Toll Processing Services (Toll) to the Strip Mill products market Phill & Mark believe the return to independent ownership will be welcomed by its customers and suppliers. The focus of the business will return to its roots namely the servicing of its Toll customers hire-work, whilst at the same time continuing to offer the full customer personalised services of steel stock holding sales to complimentary sectors of the market.
SERVOSTEEL based in Dudley West Midlands can trace its history back over thirty years and has a well-established customer base serving many sectors of the UK steel market including but not limited to automotive, fabrication, construction, yellow goods, and general engineering sectors. The company employs 75 people at its Pensnett Road site.
Toll services carried out in its 197,000 sq/ft facility include continuous hydrochloric acid surface coil pickling, slitting to width and cutting to length along with the unique SCS (smooth clean surface) environmentally friendly surface preparation and shape reduction. The business operates 24 hours a day and is well known for its one stop shop approach where uniquely, customers can order multiple processes such as Pickling and Slitting on lead times of just a few days, working to just in time principles. All customers are offered real-time on line access to view their own stock, processing and delivery details plus associated financial information such as invoices and statements through the companys bespoke in house written computerised business system.
Commenting Phill and Mark said
We are delighted to have been able to bring the company back into private ownership where we believe it can continue to prosper. Despite the fact that it has not been used for a number of years, the Servosteel name still resonates within the UK steel market and we intend to build on its excellent reputation. We would like to take this opportunity of thanking all our customers and suppliers for their support over the years and we look forward to working with them in the future.