Wolverhampton-based D&J Steels has undergone a refinancing as it continues to expand.

The company is the largest steel stockholder to the UK forging industry and the move is on the back of two recent acquisitions.

The deal was initiated by Andy Kay, corporate finance director in the Midlands office of national audit, tax and advisory firm Crowe Clark Whitehill and structured by Chris Jones, managing director of Select Business Finance.

Mr Jones engaged Jonathan Myerscough and Mike Middleton of Lloyds TSB to put together an Invoice Discounting facility and a commercial mortgage for the business.

D&J Steels has a turnover in the region of £10 million and employs 20 people. Run since 2008 by directors Chris Hutton-Penman and Peter Davies, the company has more than 38 years of experience serving the forging, engineering and oil and gas sectors.

There have been two significant acquisitions – Kingswinford-based Midsteel Bars from the Midsteel Group, in 2009 and Oldbury firm Woodsetton Steels last year.

Both have since been integrated into the group, moving to Wolverhampton.

The firm’s chairman Mr Hutton-Penman said: "We are looking to grow and this refinancing is part of our plans going forward. The two acquisitions have settled in nicely and the enlarged group is performing well. We used Crowe Clark Whitehill on each occasion.

"These are difficult economic times and having this financial package in place will mean we are even more robust and able to take advantage of what opportunities may present themselves."

Mr Kay added: "We are particularly pleased that we were able to help."

Mr Jones said: "This is a good example of Black Country industrialists and professionals collaborating for the betterment of the region’s economy."