Construction consultancy builds on growth plans with £80m funding deal
CONSTRUCTION consultancy Turner & Townsend has secured an £80m finance deal as it sets its sights on further global growth.
Lloyds Bank Commercial Banking, HSBC and Royal Bank of Scotland have joined forces to provide the facility to the Leeds-based management and consultancy services provider, which works across the property, infrastructure and natural resources sectors with operations in 130 countries.
Employing 4,300 staff, including 300 at its Leeds site, the company reported record turnover of £380m in its most recent financial figures. It also converted to a limited liability partnership.
The company’s 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 annual growth of 12%.
The three bank club has offered 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.
“The strategic direction of the business, and diversity of its global reach and service proposition, means it is ideally positioned to make the most of the flourishing construction market, in which demand for expert consultancy is soaring.”
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.”
Ronnie Bowron, relationship director at Royal Bank of Scotland, said: “The management team at Turner & Townsend have a strong and proven track record, and we wish Turner & Townsend every success for the future.”
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