Property services business forecasts revenues to hit £230m following rebrand
The property services business formed through the £42.5m acquisition of Styles&Wood Group Plc and Southerns Ltd is on track to achieve more than a 20% increase in sales for its first full year of trading.
The business, which is also rebranding to become Extentia Group, is forecasting revenues of around £230m for the year ending June 2019 (from £185m, June 2018) together with an increase in underlying profit.
The group was created from the acquisition of Styles&Wood Group, the integrated property services business, and furniture fixtures and equipment (FF&E) specialist Southerns Ltd, by Leeds-based venture capital firm Central Square Holdings Limited (CSHL), which completed in March 2018.
CSHL held a 25% equity interest in Southerns, which is also based in Leeds. As part of the transaction, CSHL entered into a share purchase agreement to purchase the remaining 75% conditional on the S&W takeover completing.
The newly formed Extentia Group is made up of 11 specialist businesses offering a wide range of services in real estate, including design, project management and delivery, FF&E solutions and facilities management.
The group is backed by entrepreneur Steve Parkin, the founder of Leeds-based Clipper Logistics, and is led by chief executive Tony Lenehan.
Tony Lenehan, chief executive of Extentia Group, said: “There is a fundamental link between productivity and the design and operation of real estate assets. Our vision for Extentia Group is simple: we will help our clients to create and optimise environments that drive productivity and support stronger performance.
“We’re proud to launch our new brand, which has a unique and highly relevant proposition for the built environment. Our 11 businesses have distinct identities and established brand equity with blue chip clients.
“Together they represent an end-to-end capability which is unique in the market. This collaboration is already bearing fruit and we will continue to drive integration across the business.”
Extentia Group has more than 700 employees across 12 UK and Ireland offices. The 11 subsidiary businesses, including Styles&Wood and Southerns, will retain their existing brands.
Lenehan added: “Our resilient strategy is focused on predictable, non-cyclical sources of work, and our proprietary technology will add value to clients and unlock new opportunities.
“Following a productive and exciting period spent realising the rationale for bringing these businesses together, my management team and our backers are raring to begin this new chapter of growth and investment in the business.”
