Turner & Townsend plans expansion
CONSTRUCTION and management consultancy Turner & Townsend is aiming to target emerging markets and make acquisitions after securing a multi-million pound working capital facility.
The Royal Bank of Scotland facility will also allow Leeds-based Turner & Townsend to broaden its sector spread and develop more technical specialisms.
Turner & Townsend has an order book containing work on the ‘Shard of Glass’ building near London Bridge, the Beijing Great Wheel and the North West Metro project in Sydney.
The firm, which pulled a £200m stock market flotation in 2008, said it wanted to expand through organic growth and acquisitions that broaden its sector activities.
Jeremy Lathom-Sharp, finance director at Turner & Townsend, said: “The company has delivered substantial, sustained growth in recent years and has established an exceptional client base.
“To build on this success and meet our future growth aspirations, we must have the necessary funding in place, and we are delighted this has now been arranged with RBS.”
Funding was provided through Ronnie Bowron, Andrew Croasdell and Sam Perry of the RBS Corporate Banking team in Leeds.
Ronnie Bowron, relationship director at RBS, said: “We are very pleased to have supported Turner & Townsend in this transaction.
“The company has come a long way in recent years and its track record is impressive. It has continually evolved in response to the changing marketplace and developed into a very solid global business with a strong management team in place.
“The new financial package put in place for the company will enable it to implement its growth plans and we look forward to supporting the company with this.”
Turner & Townsend employs 2,400 staff and operates from 56 offices which span 26 countries and six continents.
Its client base includes many global and UK brands and organisations.
It saw pre-tax profits up 29% to £17.1m on turnover up 20% to £179m in the year to April 30, 2008.
