Contractor pays £21m for £65m turnover business

The UK’s biggest steelwork contractor is splashing out £21m on Dutch steelwork contractor Voortman Steel Construction.

Severfield said its deal for Voortman will allow it to gain a foothold in the Netherlands and neighbouring countries.

severfield

Severfield said the deal will complete early next month

Voortman, which is based in Rijssen in the east of the country and employs around 250 people, had a turnover of £65m in 2021 and earnings of £4m.

Severfield said Voortman had a 5% of the £1.1bn Dutch steel market and had “the capacity and resources to compete for larger, more complex, higher value projects”. It added the firm had “access to the fast growing Dutch electricity distribution market”.

The deal is expected to wrap up by early April.

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