Bardsley to offer funding to unlock stalled public projects

Aaron Morby 13 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.”

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