Forrest parts company with CEO and refinances

Bolton building contractor Forrest, which last month shed 30 jobs as part of a restructure, has parted company with its chief executive and secured a refinancing package.

The firm has announced that chief executive Lee McCarren has left the business by mutual consent.

Meanwhile, the new funding deal includes new shareholder equity funding and a revolving credit facility to help deliver a £600m order book.

The Greater Manchester Combined Authority enters as a new lender to the group, replacing the Royal Bank of Scotland. Palatine Private Equity remains as majority shareholder with Lloyds Development Capital and Management.

Bob Holt, chairman at Forrest, said: “The new funding deal provides a strong financial platform that will enable Forrest to deliver growth over the next few years, whilst maintaining the company ethos of providing personalised, customer focussed services.

“The board thanks our clients and supply chain for their continued support during the refinancing process”.

On McCarren’s departure Holt said: “Since Lee joined the business in 2009 he has led the transformation of the business into a multi-disciplinary contractor. The board thank him for his considerable contribution and effort over the years and wish him every success for the future”.

McCarren said: “I have had a great time leading the Forrest business and working with its great book of customers but believe that now is the perfect time, in view of the new investment, for me to depart and go onto a new challenge. I wish the business great success going forward.”

Forrest’s core market has historically in the refurbishment of social housing and local authority housing.

However, in more recent years the revenue mix has shifted with significant growth in new build construction.