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Warranty inspection - new build / refurbished property

Reference
S8929
Turnover
£2m to £5m
Sector(s)
Business services, Construction, Miscellaneous, Real estate activities
Region(s)
UK Wide
Added
16 June 2022

Business description

A leading provider of 'Latent Defect Insurance Warranty Auditing' and Clerk of Work Inspectors across new build residential, conversion, regenerated commercial and mixed-use residential, private and public sector buildings. 

Auditing and assurance are performed by highly qualified Chartered Surveyors, Clerk of Works Inspectors and further accredited technical staff members etc, covering the new and existing structure, condition, quality of workmanship and surface examinations of the MEP and external services.

Highlights

  • Insurance Driven – Prism’s Auditing and Inspection services are required in conjunction with CML recognised Latent Defect Insurance Policies. These policies are purchased by owners and developers of new build and converted developments to guard against the potential cost of rectifying construction defects. A focus on built environment safety by Insurance companies continues to drive demand for Prism’s services, utilised by providers that are recognised with the ability to “place” developments from small, medium scale and up to some of the UK (and Europe’s) largest single and multi-structural developments currently under construction.


  • National Coverage – Prism has surveyors based throughout England and Wales with teams covering from Edinburgh, Carlisle, Newcastle and Manchester in the north through Birmingham and Sheffield, across north and south Wales to the Southeast, and Southwest of the UK offering true national coverage. This coverage also extends across the Isle of Man and Channel Islands.  


  • Continuing Management – Prism has an ambitious, performance driven Managing Director and supporting team leaders who would continue with a Strategic buyer to develop the business to its full operational and financial capability.

 

  • Highly Qualified Employees – Prism’s surveyors are highly trained, typically as Chartered Surveyors or Clerk of Works etc., and the Company also offers Continued Professional Development to aspiring members of the team who are working their way through experience routes to professionalism. The business currently has +28 fee earning employees and is recruiting to keep pace with demand for the Company’s services.  The Company has c.10. surveyors based in the London areas, reflecting the high value of construction activity within the M25 alone. 


  • Strong Growth / High Margin / Cash Generative – Prism is growing rapidly, and achieved EBITDA of £1.4m in FY2021, with growth projected in 2022 and thereafter, the business has low Capex and Working Capital requirements and is highly cash generative.

Financials

Turnover (£'000) Adjusted EBITDA (£'000)
2021 (Actual) 0 1,400

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