Global construction consultant seals £80m finance deal
GLOBAL management and construction consultancy Turner & Townsend, which has more than 200 of its 4,300 staff based in Manchester, has secured a finance package of £80m from Lloyds Bank Commercial Banking, HSBC and the Royal Bank of Scotland to support its global growth strategy.
The company works across the property, infrastructure and natural resources sectors with operations in 130 countries.
Headquartered in the UK, the company reported record turnover of £380m in its most recent results. It also recently converted to a limited liability partnership.
The company says its diverse business model and continued investment in its global footprint helped it to react and adapt in difficult market conditions in the last five years delivering an average growth per annum of 12 percent.
The three bank club, including Lloyds Bank’s Leeds-based Mid Markets and Strategic Finance teams, provided a five-year revolving credit facility, with each banking partner providing £26.67m.
The additional funding provides working capital for the business to expand its geographical footprint and invest in new services and capability.
Vincent Clancy, chief executive at Turner & Townsend, said: “Our sustained turnover growth in the last five years is an endorsement of the consistent investment we’ve made in the company. Our extended banking arrangements, coupled with our switch to a limited liability partnership, allows us to invest in our capability and to continue to transform our business to deliver better results for our clients.”
Richard Townsend, relationship director at Lloyds Bank Commercial Banking, said: “The impressive growth of Turner & Townsend – with turnover up by 75% since 2010 – is a testament to the ability of the ambitious and experienced management team which has a combined 125 years of service with the company.
Dan Howlett, head of Corporates at HSBC UK, said: “The HSBC team, led by Peter Helliwell and Tony Dean, is pleased to have worked with Turner & Townsend on its recent re-financing.
“The business has a truly global footprint, aligned to HSBC’s, and we look forward to working with Vincent and his team in the coming years as the business looks to continue its impressive growth trajectory.”
Ronnie Bowron, relationship director at RBS, said: “Royal Bank of Scotland has been the longstanding banking partner for Turner &Townsend and we are delighted to once again support its next phase of growth. The management team at Turner & Townsend have a strong and proven track record, and we wish Turner & Townsend every success for the future.”
