A Belfast engineering company has secured new contracts worth more than £2m just months after changing hands in a management buy-out.
Four senior managers of Highway Barriers Solutions (HBS), which specialises in road restraint systems and traffic management, bought out a division of Rodgers Contracts for an undisclosed sum.
Since forming the new company in April, HBS has won a number of new contracts for infrastructure projects worth over £2m.
HBS managing director Nigel Dougan said the company, which employs 50 people, hoped to double its workforce in the next four years.
Mr Dougan said: “Our reputation has been built on a solid engineering background combined with continued investment in the latest equipment and skilled installation teams. The experience of our new management team will allow for further growth and expansion.
“Due to the quality of our product and service we are currently winning many of the tenders we apply for and have developed excellent partnerships with customers, including a number of Northern Ireland’s major public and private bodies.”
The management buyout and provision of working capital facilities for HBS were financed by Northern Bank.
Kevin Kingston, general manager for Corporate and Markets at Northern Bank, said: “We’re confident that the management buy-out will enable HBS to continue to invest in its team and that this will deliver enhanced profitability and opportunities for growth. The company has already established itself as a leading engineering company across the island of Ireland and is a superb example of how businesses are now adapting and seizing opportunities within a changing economic climate.”
HBS has worked on the Westlink upgrade in Belfast. Based on Castlereagh Road in Belfast, Ballymoney and Dublin, it provides a fully integrated design, installation and maintenance service for road crash barriers and equipment, specialist civil engineering contracts and traffic management solutions.
Mr Dougan said the company was anticipating further growth. “The infrastructure spend across the island of Ireland represents a significant opportunity,” he said.
“It is expected that £1.9bn will be invested in the next 10 years as a result of the Northern Ireland regional transportation strategy as well as a £1bn investment in a strategic road improvements scheme.
“In the Republic of Ireland €18bn is to be spent on national roads. We anticipate a continued and sustained growth in our business.”