Bardsley to offer funding to unlock stalled public projects

Aaron Morby 12 years ago

Bardsley Construction is to offer its public sector clients innovative private funding to kick-start stalled projects.

Bardsley said the key strategy is to maintain a strong pipeline of business in the public sector by diversification through a new genesis equity funding model.

Chairman Wayne Bardsley said: “The potential pipeline of opportunities is already standing at £100m and will hopefully start to generate turnover towards the last quarter of 2011.

“Genesis offers an alternative to the much criticised PFI model – a simple, flexible and affordable package of services.

“Our offer can encompass design, project, management, funding, construction and facility management and will be tailored to work within the budgetary parameters of the client, ensuring the solution remains affordable at all times.

“In short, Genesis can fund, build and manage the project.”

He said the builder would also diversify into commercial work.

In annual results up to 31 December, Bardsley said it had a pipeline of secured work as of April valued at £45m, which represents 87% of its targeted annual turnover for this year.

The Manchester builder secured a 6.3% rise in turnover to £60.5m from £57.1m and hailed the performance a “great achievement” in a market where opportunities have started to dry up and cutthroat pricing was rife.

The private builder delivered a pre-tax profit, before exceptional items, of £2.3m for the year, marginally down on the £2.5m achieved in the previous year.

Wayne Bardsley said the builder continued to be cash generative with net cash in the bank of £5.8m, a net increase of £2m on the previous 12 month period.

He said: “We have successfully restructured and refinanced after two years of intense work.

“It has been an expensive and distracting process but one which sets us up perfectly for the climb out of recession and into better times.

“Bardsley Construction Group has been in business for more than 45 years, during which time the company has faced many different challenges, none more so than the recent recession and the Government comprehensive spending review.

“However, we believe we have faced these challenges head on and have had one of the best trading results in the company’s history.”

Latest news

£500m Leeds South Bank scheme gets green light

Leeds City Council approves plan for 1,350 flats in mixed-use South Bank development
1 day ago

Galliford Try takes rebid £150m Carlisle Southern Link Road

Main construction works are due to start on 8km road in June
1 day ago

Arup takes stake in graphene-enhanced concrete venture

New concrete additive Concretene™ promises 30% savings in CO2 emissions
17 hours ago

Winners revealed on £1.42bn materials framework

Thirteen builders merchants land places on huge procurement deal for social landlords
17 hours ago

Travelodge eyes plans for another 300 hotels

Hotel giant writes to local councils offering partnership deals with a £3bn investment target
17 hours ago

Balfour Beatty to invest £60m in pop-up EV chargers

New Urban Fox JV will roll out 35,000 charge points across the UK over the next decade.
2 days ago

Leading Channel Isles builder goes bust

Jersey-based construction firm Camerons placed in liquidation
16 hours ago

HS2 Euston needs full design reset as costs set to double

Spending watchdog warns Euston stop-start delay will simply inflate already ballooning costs
2 days ago

Worker dies on major warehouse site in Stafford

Main contractor Glencar halts work while tragedy is investigated
2 days ago

Sellar switches London flats/hotel plan for 444 student rooms

Southwark's King’s Place scheme will comprise five buildings of up to 11 storeys
2 days ago

Bid race starts for Norfolk £30m Long Stratton Bypass

Council hopes to start work on 3.9km bypass in April 2024
2 days ago

GMI to build first warehouse at £200m Teesside business park

Work to start early next month on first shed at airport business park
2 days ago

Skanska Costain Strabag JV sets up own rebar plant

HS2 team now running on-site manufacturing facility to avoid supply chain issues
2 days ago

Bid rigging: Keltbray to appeal and so could Squibb

Both contractors "disappointed" with level of fines
5 days ago

Ten demolition firms fined £60m for bid rigging

Full details of fines with Erith and Keltbray hardest hit
6 days ago

Retail contractor J M Scully files administration notice

£23m turnover Dorset based contractor lodges court notice
5 days ago

Civils specialist M Lambe delivers record performance

Housing civils specialist seeks to diversify in face of challenging housing market
5 days ago

Willmott Dixon clinches £60m Oxford Brookes University job

Preparation work starts on two new buildings at Headington Hill campus
5 days ago

Ferns seals £50m+ Openreach network services deal

Five-year south west deal to provide civils, poling and complex manhole programme
5 days ago

20 firms win £4.5bn Southern construction framework

A dozen new firms secure spots on fifth generation public sector deal
6 days ago

Call grows for bolder 18m second staircase rule for flats

Architects, surveyors and builders professional trade bodies demand lower height threshold than proposed 30m
6 days ago

GRS Roadstone warns staff following cyber attack

Materials giant sends out letters highlighting the extent of the attack
6 days ago

Inland Homes to suspend shares as results delayed again

Auditors need more time to go through embattled house builder's books
6 days ago

Kier wins £73m Southport events centre job

Local supply chain set to benefit from major new project
6 days ago

Multiplex profit rebounds as margin restored to 2.9%

London tower builder predicts return to revenue growth this year as major schemes advance
6 days ago

Upbeat Vistry to re-open mothballed offsite factory

Former Countryside timber panel factories rebranded Vistry Works in revived drive to deliver 5,000 units a year
7 days ago

Builder crushed and blinded in wall collapse

Property owner in court after barn conversion goes horribly wrong
6 days ago

Keltbray bags £140m haul of energy infrastructure work

Specialist secures trio of power frameworks, two battery storage facilities and an energy from waste package
7 days ago

Government awards £1.8bn for energy retrofit schemes – list

Housing and public building decarbonising funds awards to support 20,000 construction jobs
7 days ago

Landmark London scheme switches from flats to student rooms

Regal London rethinks Old Kent Road scheme with 900 student rooms and 220 affordable homes
7 days ago

Contractor services