Fit-out specialist BW targets £200m revenue this year

Aaron Morby 2 years ago
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South East fit-out specialist BW: Workplace Experts has posted a big jump in revenue and profits after a £12m management buy-out last August led by chief executive Steve Elliott.

Chief Executive Steve Elliott eyes further growth after leading MBO last year
Chief Executive Steve Elliott eyes further growth after leading MBO last year

Turnover soared by 50% to £151m in 2017 with the firm making significant progress in a buoyant London market. Adhering to a strict defect-free policy helped to deliver pre-tax profit more than doubled at £4.1m.

Now Elliott, who joined the business four years ago from Morgan Sindall’s fit-out arm Overbury, is forecasting revenue reaching £200m this year.

The MBO deal gave the senior management team a majority shareholding of 60% while BW founders and co-owners Craig Foster and Mark Richards retained a combined minority stake of 40%.

Elliott said: “We’re thrilled to report BW’s best year ever, our second year of double-digit turnover growth.

“Our 2017 results were driven by our continued focus on defect-free projects, growth in sales outside of London and an increase in directly negotiated workload.”

He added: “We are very excited about our current projects and those in the pipeline for the next twelve months.”

Andrew Bradley, BW’s financial director, said: “Our strong business performance drove turnover growth in both refurbishment and fit out projects, net assets of £13.8m, and cash at bank of £10.8m.

“We completed a successful management buy-out of the share capital from the shareholding of the two founders. We started our 2018 financial year with our strongest order book ever.”

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