Bardsley separates construction and development arms
BARDSLEY Construction, which has an office in Yorkshire, has undergone a major restructuring which has seen the company split its property development and construction arms.
The move is detailed in newly-filed accounts for Bardsley Construction Ltd, which show that since its year end the business has separated out its development and construction arms into different companies and completed a refinancing with its bank, Royal Bank of Scotland.
Bardsley Construction has been sold to a newly-created parent company, Bardsley Construction Holdings, while the assets of its development subsidiaries were sold to Bardsley Construction Group.
The company said that this “has the benefit of degearing its balance sheet and taking it out of the residential housing sector”.
Writing in the notes to the accounts, chairman Roly Bardsley said the company had “successfully restructured and refinanced after two years of intense work”.
From its Leeds office, which is headed by Yorkshire regional manager Adrian Rooney, Bardsley has won work including being one of the preferred contractors for Bradford University’s four year works construction framework.
The firm is involved in works valued at up to £3m and the projects involve a mix of refurbishment and new build.
Bardsley was also appointed to the Yorbuild construction framework for the West Yorkshire region. The framework has a total budget of about £1.3bn over four years.
The business is undertaking new build, refurbishment and design and build works for local authorities and public sector bodies such as Leeds, Kirklees, Calderdale and Bradford councils.
Accounts for the year to December 31, 2010 show that the Manchester-based group improved sales by 12.9% to £64.8m, compared with an annualised figure of £57.4m for the previous 12 months. It also converted a pre-tax loss of £1.9m in its prior year into a profit of £1.5m.
Writing in the notes to the accounts, chairman Roly Bardsley said: “Bardsley Construction has been in business for more than 45 years, during which time the company has faced many different challenges, none more so than the recent recession than the Government Comprehensive Spending Review.”
He said that the cuts in government spending meant that public sector projects are “heavily-fought over” when tenders are issued, but added that the outlook for its contracting business remained strong, with more than £45m of business already won in 2011, which represents 87% of its projected turnover target.
The firm said that it has also developed a new funding model known as Genesis which will target schemes that have stalled due to a lack of public sector cash.
