An engineering, fabrication and machining business in Port Talbot has acquired its current premises to combat rising rental costs following a financial package from Barclays. Foredowel at Seaway Parade, which employs 12 staff and has over £1.2m in turnover, secured £400,000 from the bank to purchase the unit as it continues to grow and expand.
Originally established 41 years ago to provide site engineering services to the steelworks in Port Talbot, the business now offers structural steelwork, heavy duty and machine shop engineering. Managing director Robert Jones said acquiring the premises gives security for the company and puts a valuable asset on the balance sheet.
“With rising rental costs, it seemed logical to approach Barclays to generate a funding package to purchase the unit, after their support in 2020 on a management buyout,” he said.
