Bardsley to offer funding to unlock stalled public projects

Aaron Morby 11 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

Public raise alarm over unsafe roof work high above Manchester

Court hears how HSE swooped to shut down site after tip off
2 hours ago

Forterra hikes brick prices by 10%+ with more rises to come

Demand continues to surge and costs increase for masonry products giant
9 hours ago

Go-ahead for £40m Manchester spec office scheme

Local firm PP O'Connor to demolish Speakers House for 17-storey office block
9 hours ago

Spanish giant lands deal to build £683m waste power plant

New plant will turn black bin bag waste into electricity
1 day ago

Henry wins six Ealing council housing projects

Henry Construction secures £40m West London council homes deal
10 hours ago

Landsec eyes £825m Glasgow Buchanan Galleries rebuild

Glasgow's mammoth shopping mall could be demolished for mixed-use city quarter
23 hours ago

Mace lands £300m London court and police complex

Main construction works to start on Fleet Street site this autumn
1 day ago

Graham bags £30m Birmingham build to rent job

Work set to start Crown Works residential scheme in the Colmore Business District
8 hours ago

Balfour Beatty names new investment arm chief

Leo Quinn promotes former major projects finance director Gavin Russell
1 day ago

M1 fraud probe exposes contract management problems

M1 J13-16 investigation finds £320,000 of central barrier scrap metal went missing
1 day ago

Beaumont Morgan Developments goes into administration

Begbies Traynor now in charge of £47m turnover Manchester contractor
1 day ago

Green light for major overhaul of Surrey pharma campus

Kier and Mace bidding for revamp project with three storey glulam building at its heart
1 day ago

Morgan Sindall hires Crossrail safety director

Carole Bardell-Wise joins infrastructure business as SHEQ Director.
1 day ago

Galliford Try bags £28m Dover inland border control facility

Major inland border facility to be built alongside the A2 outside of Dover
1 day ago

Plans go in for £280m Leeds Whitehall Riverside scheme

Major office and flats scheme to be built next to River Aire
1 day ago

Roofer dies in six metre plunge through asbestos sheets

Court hears no safety nets were fitted on site
2 days ago

Subbies stop working for Beaumont Morgan Developments

Manchester based contractor was delivering Fortis Quay for associate development company
2 days ago

Gove threatens ban on cladding suppliers failing to pay for retrofits

Cladding and insulation suppliers now in firing line for cash for £9bn post-Grenfell remediation bill
3 days ago

Bill for £22bn HS2 extension to Manchester goes to Parliament

52-mile extension of HS2 to Manchester via Manchester Airport will support 17,500 construction jobs
2 days ago

Galliard scoops up trio of sites for schemes worth £265m

Sites in Redbridge, Ipswich and Milton Keynes to be developed
2 days ago

Plans in for 350-flat Salford student scheme

Developer X1 hopes to start 15-storey building later this year
2 days ago

Green light for Birmingham Paradise landmark hotel

17-storey hotel will be the 'cornerstone' of Phase 2
5 days ago

Structural steel price jumps another £50 a tonne

British Steel blames New Year's price hike on continuing high product costs
5 days ago

Enabling works start at £400m Manchester First Street

Downing to start main construction in March of three resi buildings rising up to 45 storeys
5 days ago

Former BAM Nuttall chief to join Murphy

Adrian Savory to start new role as director of Major Projects division next month
5 days ago

Bouygues set for London Tustin Estate 700-home rebuild

Phased building programme to start towards the end of the year
5 days ago

Safety horror show on housing site leads to director ban

Court hears contractor ignored multiple prohibition and improvement notices
5 days ago

JV North calls up local firms for £250m new home works

Framework for home building projects worth up to £2m
5 days ago

Kier more than halves debts to below £200m

Kier chief reports steady progress in first six months of trading
6 days ago

Barhale boosts funds as it looks to rebuild turnover

Contractor confident as water companies ramp-up spending plans
6 days ago

Contractor services