AN 86-year-old structural steelworks firm in Bolton has been snapped up by a national operator.

Harry Peers and Co Ltd, which trades out of a factory in Elton Street, will now form part of the Severfield group as part of a potential £25million deal.

The new bosses say they want to continue Harry Peers' upwards trajectory, which saw them post revenues of £17million for the last financial year and a pre-tax profit of £3.4million.

Severfield, which has been involved in construction projects ranging from the London Olympic Stadium to The Shard, already has a significant presence in the borough.

Their plant at Lostock benefitted from a £3million investment package, earlier this year, which saw the installation of two 50-tonne overhead cranes, improving their lifting capabilities.

Work carried out by Harry Peers in the nuclear sector, for both defence and commercial clients, was among the factors attracting the purchasers.

Further important contracts in the pharmaceutical and petrochemical industries will also benefit Severfield.

Alan Dunsmore, the new owners' chief executive, said: "We believe Severfield is best placed to help Harry Peers continue its profitable growth trajectory, through increased scale and investment and together with Harry Peers's strong management team we have a real opportunity to develop a broader position within the UK structural steel services market."

The initial outlay for the deal is £18million, with performance-based add-ons potentially increasing that total by £7million.

The Harry Peers switch follows the acquisition of Bolton blast door makers Booth Industries by Metalcraft last June.