Bardsley to offer funding to unlock stalled public projects

Aaron Morby 14 years ago
Share

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

Comment: Gateway is acting like a barricade

Contractors left banging their heads on an (unbuilt) brick wall
2 days ago

Final phase of £1.5bn Elephant and Castle revamp hits planning

Get Living submits revised plan for 500 homes and 450-bed student block
3 days ago

Ealing backs final phase of £1.3bn estate rebuild

Friary Park estate rebuild in Acton reaches end stage
2 days ago

Green light for scaled-down Nottingham student tower

Glasshouse Street scheme will deliver 247 student rooms
2 days ago

Aston Villa to revamp North Stand

Club to reuse existing structure rather than complete rebuild
3 days ago

Mace signs ex-ISG director to lead Euro health and tech push

Gary Sweeney to head up healthcare and life sciences consultancy arm
2 days ago

Sir Robert McAlpine claws way back into profit

Firm says return to profit and strong cash balance validates new strategy
3 days ago

Severfield to cut staff by 6% amid pricing pressure

Steelwork contractor warns of extended tighter pricing due to project delays
3 days ago

JRL completes sale of 50% stake to Malaysian giant IJM

Deal boosts balance sheet and kicks starts growth plan
3 days ago

Green light for £100m Liverpool Baltic station build

Enabling highway works to start in the autumn
4 days ago

First live tests for flying construction robots

Drones can lay construction materials at height on site
3 days ago

Three firms land £170m Gentoo Sunderland housing deal

PHS Solutions, Esh and RE:GEN to deliver 10-year home upgrade plan
4 days ago

Gateway gridlock hits build-to-rent delivery as starts nosedive

Build to rent starts plunge 18% in the capital
4 days ago

Call to shift Gateway 2 checks to end building bottleneck

"The current system isn't working but we all want to see safe buildings"
4 days ago

GBN launches £600m bid race for SMR engineer roles

Owner engineers to provide technical and assurance services
4 days ago

Wates hires ex-Homes England chief to head public sector push

Robert Stone to spearhead its public sector and national frameworks strategy
4 days ago

Acheson Construction collapse costs suppliers £8.5m

One frustrated creditor seized a telehandler after contractor went into administration
5 days ago

Dominus wins go-ahead for 173-bed Glasgow scheme

Old Wynd Street job expected to cost around £25m to build
5 days ago

Safety Regulator misses deadline to clear Gateway 2 backlog

Investors pulling out of funding high rise buildings
5 days ago

CITB still sitting on £95m cash pile

Staff numbers jump from 666 to 763 as training body wage bill soars
6 days ago

£500m road surfacing framework market call

NEPO goes out to consultation on north east regional highways deal
5 days ago

Two share £220m Scottish rail repairs and minor works deal

AmcoGiffen and CPMS win civils and building repair deals
5 days ago

Builder wanted for £60m London leisure and flats job

Tower Hamlets aims to replace St George’s Leisure Centre in Shadwell
5 days ago

Contractor confirmed for business park expansion

Roe Developments to start on next phase of Castle Donington scheme
5 days ago

Driver escapes injury as scaffold collapses onto van

Major three-lift scaffold fall blocks north London high street
2 weeks ago

Gilbert Ash to be sold to staff

£267m turnover contractor to transition to an Employee Ownership Trust
2 weeks ago

M Group seals biggest-ever deal with Telent takeover

Digital infrastructure specialist deal lifts turnover to £3bn
2 weeks ago

Aggregates firm Ashville went down owing more than £3m

Debts revealed in Companies House update
1 week ago

Cardo saves 100 jobs at Breyer roofing arm

Private equity-backed Welsh maintenance group continues to expand
2 weeks ago

Excavator knocked off lorry going under bridge

Traffic Commissioner inquiry after accident in south London
2 weeks ago

Contractor services