Sheffield-based OSL Cutting Technologies — a manufacturer and distributor of magnetic drills, annular cutters and hole-cutting tools — is part of the OSL Group, which was established in 2015 and counts Rotabroach, GJ Halls, Taylor & Jones and Powerbor among its brands.

It has now acquired local competitor Universal Drilling with support from Barclays’ Northern Powerhouse Fund.

OSL Group managing director Mathew Grey (www.oslgroup.com) said: “The acquisition of Universal Drilling further strengthens OSL’s position as a world-class manufacturer of cutting tools.

“Universal has a fantastic reputation — both nationally and internationally — and will allow us to grow our presence in a variety of markets.

“The new funding offered by Barclays has not only helped us to complete the acquisition of Universal but also given
us with the confidence to increase our overseas business, which is crucial for our on-going expansion plans.”

Matthew Chenery, relationship director at Barclays, said: “OSL is a great example of a thriving business that is expanding for the future and contributing to the local economy.

“The new funding from our Northern Powerhouse Fund will enable the company to reach new markets and increase its overseas trade.”