Resilient Russells defies the downturn
MANCHESTER-based Russells Construction has managed to increase revenues through the downturn and expects turnover to rise from £43m to £50m next year in a growing market.
The group has carved out a reputation for working on constrained sites in city centres.
It was responsible for the Premier Inn in Dale Street, Manchester, and is currently handling the construction of Motel One in Whitworth Street and a Vita student scheme in Liverpool’s Crosshall Street.
But it is also active in retail, with a number of projects underway for Derwent, and is planning a renewed focus on housebuilding as the market improves.
Director Andrew Russell, who holds a third of the shares, said: “The market’s picked up in the last six months. We’ve definitely seen an increase in tender inquiries and work out on site. Developers are getting busier and there seems to be more general interest from London funds.”
Since 2012 the group’s staff numbers have grown from 68 to 100 and it has attracted a number of people from the listed national players such as Galliford Try, Carillion, and ISG.
Mr Russell added: “In 2008 we had a number of jobs that were due on site and they didn’t go ahead, but we’ve increased turnover during the recession and remain profitable. In some respects the recession has been good for us because we’ve got a wider customer base and we’ve tidied up our procedures. We’ve kept a good team and concentrated on sectors that have been moving forward, such as hotels.”
The group is co-owned by Andrew’s brother Gareth and their uncle David Russell through his Manchester property company Property Alliance Group. They each hold a third of the shares.
