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Contractor for commercial property refurbishments

Reference
S11516
Turnover
£5m to £10m
Sector(s)
Construction, Service industries
Region(s)
East Midlands, West Midlands
Added
09 April 2024

Business description

Project Meyrick utilises a flexible workforce to undertake refurbishment

and extension projects on a wide array of premises, including education
establishments, hotels, NHS buildings and residential properties.
The company offers an all-encompassing solution for each project, from
estimating to handover. Services include mechanical and electrical works; internal and external decoration; groundworks and landscaping; and the installation of flooring, structural elements, facilities, and premises-specific furniture.
The business can scale its activities to suit evolving requirements, effectively
completing small works through to £2m schemes.
Our client is offering the company for sale to facilitate lifestyle changes.
Offers invited.

Highlights

  • Accredited by CHAS Advanced, Constructionline Gold, and SafeContractor.
    Also operates to ISO 9001, 18001 and 45001 certification standards. 
  • Works with schools, universities, Government departments, local authorities, property developers and other organisations, primarily in the Midlands. 
  • Generates 10% of its income from nationwide projects, presenting vast potential for geographical expansion through existing clients. 
  • A manager has demonstrated the necessary skills and expertise required to absorb the director’s responsibilities, post-sale, subject to further management support. 
  • Operates from leasehold office and storage premises. The centralised location facilitates easy access to clients’ sites throughout the Midlands and the wider UK.

Financials

Turnover (£'000) Adjusted EBITDA (£'000)
2021 (Actual) 2,913 437
2022 (Actual) 5,655 798
2023 (Actual) 6,018 843
2024 (Forecast) 7,101 1,003
2025 (Forecast) 8,379 1,192
  • Generated a YE23 turnover of £6m, with an adjusted EBITDA of £843k.
  • Projected to achieve a turnover of £8.3m by YE25, with the adjusted EBITDA increasing to circa £1.2m. 
  • All income is secured through contracts, and there is loyalty from blue-chip clients; 90% of clients appoint the business for multiple projects. 
  • Procures approximately 70% of its revenue from four key framework agreements, three of which will be in place until at least 2026. 
  • In an advantageous position to be awarded a subsequent contract with a large blue-chip client in autumn 2024. 
  • Has a strong 2024 pipeline in place, with £5m worth of works scheduled. The business is ideally positioned to advance its activities for existing clients, with scope to attain a further £2m. Outstanding tenders total £5m.

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