24 August 2016 | Herpreet Kaur Grewal Robotic cleaning holds “significant promise for unobstructed areas but has yet to gain a significant foothold” in the industry, says a report about local authority building cleaning services. The State of the Market 2016 report by the Association for Public Service Excellence (APSE)
Home ownership in the United States has slowly fallen in recent years to currently its lowest level since 1965 but new research from the National Association of Realtors suggests that could be halted. The research shows that there are many affordable metro areas and a large segment of current people
©Bloomberg Kazakhstan’s state oil company is seeking to tighten control over its UK-listed subsidiary over the opposition of its independent directors, setting the stage for another boardroom battle at a Kazakh company in London. National Company KazMunaiGas, which is 100 per cent owned by the Kazakh state, on Friday called
Consolidation alone is not the answer; capacity must also shrink for the sector to look attractive ©Bloomberg In the three years to 2013, China consumed more concrete than the US used in the 20th century, according to the academic Vaclav Smil. China’s economic growth has since slowed. Cement demand will
Stamp duty change is more of an issue for the prime central London sales market than the UK leaving the European Union, new research suggests. However, the vote to leave the EU has created a backdrop of short term uncertainty that is affecting behaviour in the prime central London property
17 May 2016 | Herpreet Kaur Grewal Waste management company B&M Waste Services is advising SME organisations on changes to the legal definition of ‘waste’ in new published guidance. The guidance, issued jointly by the Department for Environment, Food & Rural Affairs, the Environment Agency, the Welsh Government, Northern Ireland’s
A £120 million deal facilitated by HSBC in partnership with ABN AMRO will support the leading heavy plant hire specialist Ardent Hire Solutions in its period of accelerated growth. Each partner will provide a £60 million funding in the shape of an asset-based lending facility which will go into Ardent’s
Salix Homes, a social housing provider, sought legal action against Francis O’Donnell, a man who threatened housing workers at a gypsy and traveller site in Salford. He manifested aggressive and violent behaviours towards members of staff. “He began clenching his fists and I could see he was becoming very agitated
Phil Pluck, Glass and Glazing Federation (GGF) Group Chief Executive raises his concerns after the collapse of Carillion. He mentions that this tragedy raises fundamental issues in terms of protecting the smaller companies caught up in the collapsing supply chain, as well as the jobs that may be lost as
Crosslane Student Developments, part of the Crosslane Group, is announcing that it has begun the construction of a new 614 bed purpose-built student accommodation development on Friars’ Road in Coventry. The development comprises six new residential blocks each at different stepped heights of three, seven and ten storeys, rising to
24 August 2016 | Herpreet Kaur Grewal Robotic cleaning holds “significant promise for unobstructed areas but has yet to gain a significant foothold” in the industry, says a report about local authority building cleaning services. The State of the Market 2016 report by the Association for Public Service Excellence (APSE) shows that only 5.5 per cent of respondents say they are using these methods in school buildings (down by 2.1 per cent since last year). The report’s figures reveal that manual methods of cleaning are still the most prominent, although most respondents also use mechanical cleaning in a range of buildings (other municipal buildings – 66.0 per cent, school buildings – 63.6 per cent, administration buildings – 57.7 per cent, depots – 55.6 per cent, care homes and day centres – 52.6 per cent, kindergartens/pre-school buildings – 52.3 per cent). Owing to the increased focus on value for money and productivity, 77.2 per cent of respondents are expecting reduced hours/frequency per building over the next year, 56.6 per cent are expecting to renegotiate specifications, 67.3 per cent are expecting reduced cleaning staff numbers, and 52.7 per cent are expecting reduced management numbers. APSE conducted an online survey during April 2016 and 58 responses were received with 55.2 per cent from England, 29.3 per cent from Scotland, 12.1 per cent from Wales, and 3.4 per cent from Northern Ireland. Of those completing the survey, 87.9 per cent were ‘in-house service providers’ of whom 62.7 per cent expect to remain as in-house providers in two years’ time. Of these, 8.6 per cent were ‘council owned, arm’s-length wholly owned companies’ and 5.2 per cent were ‘private contractors’. Source link
Home ownership in the United States has slowly fallen in recent years to currently its lowest level since 1965 but new research from the National Association of Realtors suggests that could be halted. The research shows that there are many affordable metro areas and a large segment of current people who rent their home earn enough income to qualify to buy a property. NAR reviewed employment growth, household income and qualifying income levels in nearly100 of the largest metropolitan statistical areas across the country to determine which areas with employment gains above the recent national average also have the largest share of renters who can currently afford to buy a home. Of the top 10 metro areas with the highest share of renters who earn enough to buy, nine were either in the South or Midwest, including three cities in Ohio. Lawrence Yun, NAR chief economist, pointed out that there has been a significant increase in renter households both among young adults and those who lost their home since the economic downturn, especially in metro areas that have seen robust job creation and a resulting influx of new residents. ‘Even in a time of expanding home sales, steady job growth and historically low mortgage rates, the homeownership rate recently tumbled to its lowest level in over five decades as many renters struggle to juggle escalating rents without commensurate income gains,’ he said. ‘However, this new study reveals that there are several affordable, middle tier markets with solid job gains and a large segment of renters who earn enough to buy,’ he added. Meanwhile, a separate report suggest that across the largest rental markets in the United States almost 14% of renters have strong credit scores, relatively high incomes and could afford to buy the median home in their market. As the homeownership rate has declined over the past decade, a broader socio-economic swath of Americans are renting than at any time in recent history, according to the report from Zillow and the real estate firm says that means people who could afford to buy are renting instead, increasing competition for limited available homes for rent. San Jose, San Diego, and San Francisco have the largest segments of on-market renters who have the credit score and income necessary to purchase a home, making those metros highly competitive for renters. Los Angeles, New York and Seattle also made the list of metros with large segments of current renters who are financially qualified to buy a home. To determine which markets have the highest number of financially stable and thus most competitive renters vying for the attention of landlords and property managers, Zillow examined the self-reported credit scores and incomes of renters who were on the market during the first half of 2016. Zillow also looked at regional median rental and home values and competition to determine the markets with the highest share of renters who reported a monthly income equal to or greater than necessary to afford the typical rental and median home in the metro area. The report also points out that there are long term demographic trends impacting renter qualifications and competition: young adults, both the affluent and otherwise, are renting longer than ever before as they delay many of the hallmarks of adulthood that typically lead to home ownership, such as finishing their education and starting families. In general, markets with lower home ownership rates have higher proportions of on-market renters with both strong credit and high incomes. That said, even when controlling for the home ownership rate, booming markets closely associated with the tech industry, such as San Jose and San Francisco, tend to have exceptionally high proportions of highly qualified, on-market renters. At the other extreme, markets that tend to have higher home ownership rates, such as Houston, and metros that were particularly hard hit during the housing bust and foreclosure crisis, including Cleveland and Detroit, have lower shares of renters who report both strong credit and high incomes. ‘When faced with hurdles of high prices and low inventory, first-time homebuyers are renting longer than ever before even if they are qualified to buy,’ said Zillow chief economist Svenja Gudell. ‘San Jose, San Diego and Seattle are among the most competitive places for buyers, and the going isn’t any easier for renters as they are competing against throngs of financially sound applicants with strong credit and high incomes. This is a conundrum for many young people who move to those cities because of their strong job markets, only to find tight inventory and steep competition standing between them and their dream home,’ Gudell added. The top 10 metro areas highlighted in NAR’s study were all outside of the West Coast and each had a share of renters who qualify to buy that was well above the national level of 28%. Top is Toledo in Ohio and Little Rock in Arkansas both with 46%, followed by Dayton in Ohio at 44%, Lakeland in Florida, St. Louis in Missouri and Columbia in South Carolina all at 41%, Atlanta at 40% and then Columbus in Ohio, Tampa in Florida and Ogden in Utah all at 38%. According to Yun, it’s no surprise that many of the markets with the most renters qualified to buy are in the Midwest and South. The median existing home sales price in these two regions continue to be lower than the Northeast and West, and while many of these areas were slower to recover from the recession, improvements in their local labour markets in the past year have pushed their hiring levels to at or above the national average growth rate. ‘Overall housing affordability and local job market strength play a pivotal role in a renter’s decision on whether to buy a home or sign another lease. The good news is that other recent NAR survey data shows that those residing in the two regions were the most likely to say that now is a good time to purchase a home,’ Yun explained. ‘With
©Bloomberg Kazakhstan’s state oil company is seeking to tighten control over its UK-listed subsidiary over the opposition of its independent directors, setting the stage for another boardroom battle at a Kazakh company in London. National Company KazMunaiGas, which is 100 per cent owned by the Kazakh state, on Friday called an extraordinary general meeting to revise the relationship agreement between it and KazMunaiGas Exploration Production, the London-listed subsidiary in which it holds a 63 per cent stake. More On this topic IN Oil & Gas It also offered to buy out any minority shareholders who were unhappy with the changes. The independent directors of KMG EP said they would resign if the proposals were approved, arguing that they would “significantly weaken the protections afforded to independent shareholders”. The KMG EP directors said the proposed buyout price of $7.88 per global depository receipt — a 12.6 per cent premium to Thursday’s closing price — “significantly undervalues the company”. The tussle between the state oil company and its subsidiary echoes the long battle between miner Eurasia Natural Resources Corporation and its UK independent directors. ENRC departed the London market in 2013 under a cloud of boardroom battles and — in its case corruption allegations — dealing a hefty blow to Kazakhstan’s international reputation. The fight will also will be a key test of Kazakhstan’s approach to international investors as it prepares for an ambitious privatisation programme. Last year the central Asian country announced plans to float minority stakes in some of its largest companies, including NC KMG. The relationship agreement between the state oil company and its subsidiary was drawn up to protect minority shareholders when KMG EP listed in 2006 and gives significant power to the company’s three independent directors. Now NC KMG is arguing that changes to the agreement are needed to reduce bureaucracy and to allow it to push through plans to make KMG EP’s operations more efficient. It said the alterations would “maintain, and in some areas significantly enhance” protections for minority shareholders. The changes require the approval of half the minority shareholders voting at the EGM to be held on August 3. “KMG EP is hampered by excessive bureaucracy, with too many layers of decision-making and considerable duplication,” the chairman and chief executive of NC KMG said in a joint letter to shareholders on Friday. KMG EP, which owns several Soviet-era oilfields in Kazakhstan and is the country’s third-largest producer, has suffered a drastic decline in profitability amid the fall in oil prices, reporting a $288m operating loss last year. However, it holds $3.1bn of cash on its balance sheet, while its parent NC KMG is highly indebted and last year was forced to seek a bailout from its parent sovereign wealth fund in order to avoid breaching debt covenants. NC KMG offered to buy out minority shareholders in KMG EP in 2014 for $18.5 per GDR, but ran into stiff resistance from the latter’s independent directors over the price of the deal. As oil prices tumbled last year, NC KMG withdrew its bid but began putting increasing financial and operational pressure on its subsidiary, people close to KMG EP say. Directors representing the parent company on KMG EP’s board voted to pay no dividend this year, rejecting proposals from the company’s management and the recommendation of the independent directors. And at the start of this year, the parent company slashed the prices it paid KMG EP for supplies of oil on the domestic market. It has not paid a settlement to KMG EP relating to a dispute on domestic pricing last year, according to two people familiar with the matter. NC KMG said it was “not seeking to acquire any significant additional holding in KMG EP through [the buyout] offer”, but simply to give a way out to shareholders who did not support the proposed changes. China’s sovereign wealth fund, CIC, will have a key role in the vote as it holds an 11 per cent stake in KMG EP out of a total 37 per cent held by minorities. Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link
Consolidation alone is not the answer; capacity must also shrink for the sector to look attractive ©Bloomberg In the three years to 2013, China consumed more concrete than the US used in the 20th century, according to the academic Vaclav Smil. China’s economic growth has since slowed. Cement demand will never be as strong again. There remains, however, enough cement-making capacity in China to fill the peak appetite. If it is to earn positive economic returns, the industry has no choice but to shrink. Chinese cement companies know this and believe that consolidation is the answer. The market may concur. On Monday, shares in West China Cement rose nearly 6 per cent on news that a sufficient majority of option holders had agreed to an acquisition by largest listed Chinese peer, Anhui Conch Cement. The deal should have the government’s blessing, too. Last week, the State Council reiterated its desire for a more concentrated industry. It wants the top 10 players to control three-fifths of industry capacity by 2020. This is even less radical than it sounds. HSBC points out that the top 10 cement producers already controlled 54 per cent of the market as of the end of 2015. Nor will mergers achieve what the industry needs most: outright reduction in supply. Consolidation has already been showcased elsewhere. Last July European giants Holcim and Lafarge merged to become the world’s largest cement producer. Economies of scale did not spare the merged entity from having to announce a reduction in capex by November. Despite expected savings of $1.6bn by 2017, and anticipated improved pricing power, the maiden set of results highlighted the need to conserve free cash flow. HeidelbergCement has been faring far better. It has, at last, digested its own overblown 2007 acquisition. Enthusiasts for a cyclical China trade might point to a near term pick-up from stimulus-led demand. Last week, the government said it would spend nearly 7 per cent of gross domestic product ($722bn) on infrastructure projects over the next three years. Construction activity has already improved as housing starts have rebounded. Yet supply is more than adequate to satisfy more demand. Fitch Ratings points out that clinker production capacity last year was 2bn tonnes, compared with output of 1.3bn. So, despite an increase in cement output of 13 per cent in the four months to April, prices over the same period actually dropped one-tenth. They look likely to keep sinking. Email the Lex team at lex@ft.com Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link
Stamp duty change is more of an issue for the prime central London sales market than the UK leaving the European Union, new research suggests. However, the vote to leave the EU has created a backdrop of short term uncertainty that is affecting behaviour in the prime central London property market. As a result prices are now down 1.5% compared to a year ago and the number of new prospective buyers has fallen by 6.2% over the same period, according to the latest index from real estate firm Knight Frank. The index report also shows that the number of exchanges, including new build properties, fell by 10.5% in the first half of 2016 but the number of viewings was 40.8% higher than in 2015. However, the sub-£1 million market registered a relatively stronger performance, with annual price growth of 1.1%. According to Tom Bill, head of London residential research, early indications suggest the Brexit vote is reinforcing existing pricing trends and viewing the referendum in the context of the preceding two-year period is helpful. In June 2014, annual growth in prime central London was 8.1%, the last peak before a period that saw growth fall steadily to -1.5% in July 2016. ‘This slowdown was a natural consequence of strong price rises between 2009 and 2013, however the process was accelerated by two stamp duty increases and a series of other tax measures,’ said Bill. ‘Despite the widespread media coverage devoted to the EU referendum and its potential impact on house prices, the primary factor curbing demand in prime central London remains stamp duty. The result of this two year slowdown is that vendors had already begun to adapt to the new pricing environment and in many cases Brexit has been a trigger to make overdue reductions to asking prices,’ he explained. ‘Indeed, had the result of the referendum been a victory for Remain, it is likely there would have been a similar mismatch between expectations and reality that followed the 2015 general election. Following the formation of a majority Conservative Party government, high stamp duty costs acted as a brake on demand that was widely expected to surge. Since the vote, a number of buyers have requested discounts due to the climate of political and economic uncertainty,’ he pointed out. ‘However, where the asking price was set at an appropriate level before the vote, deals are proceeding with no reductions. In other cases, the Brexit vote has encouraged vendors to show increased flexibility. It is too early to say whether the reductions are likely to trigger higher transaction levels,’ he added. Bill also pointed out that there is no uniform picture across London and the situation is compounded by thin trading during seasonal summer lull. However, it is possible to see the benefit of recent downward repricing in some markets. In Belgravia overly ambitious vendor expectations, which had led to weak trading over the past two years, has been replaced by a more realistic approach from sellers. Combined with an effective 10% discount that US dollar denominated and dollar pegged buyers have compared to before the EU vote, the result has been a pick-up in activity over the last month. Similarly, in Knightsbridge, the market which has seen the largest price declines in prime central London over the last 12 months, activity has been relatively strong since 23 June, with no discounts on appropriately priced properties. Across prime central London while the number of new prospective buyers was down slightly in the first two quarters of 2016, compared to the same period in 2015, strong viewing volumes give some confidence regarding future sales volumes, which are currently down by around 15% year on year. Bill added that the referendum has also brought pre-existing dynamics into sharper relief in the new build market. ‘Price sensitive buyers have been increasingly driven by the quality of developments and amenities over a desire to buy in a specific London neighbourhood,’ he said. ‘Though transactions have declined in recent months towards levels that are more in line with historical norms, they have been more resilient at appropriately priced schemes with high quality amenities,’ he concluded. Source link
17 May 2016 | Herpreet Kaur Grewal Waste management company B&M Waste Services is advising SME organisations on changes to the legal definition of ‘waste’ in new published guidance. The guidance, issued jointly by the Department for Environment, Food & Rural Affairs, the Environment Agency, the Welsh Government, Northern Ireland’s Department of the Environment and Natural Resources Wales on 5 May, can be used to determine if a material is waste or not, and whether it is subject to waste handling laws. It includes details of the waste duty of care to which businesses that import, produce, carry, keep, treat or dispose of waste must adhere, as well as the producer responsibility rules for producers of packaging, electrical equipment and batteries must apply. Additionally, the guidance also details when waste rules cease to apply, such as when a material meets ‘end of waste’ status. Neil Curtis, managing director at B&M Waste Service, said: “This latest guidance helps small and medium-sized companies understand their waste, and in particular we urge customers to consider how they are disposing of their waste electrical and electronic equipment and batteries.” The published guidance can be found here. Source link
A £120 million deal facilitated by HSBC in partnership with ABN AMRO will support the leading heavy plant hire specialist Ardent Hire Solutions in its period of accelerated growth. Each partner will provide a £60 million funding in the shape of an asset-based lending facility which will go into Ardent’s receivables, plant, and machinery assets. The flexible access to working capital will give the company the chance to purchase further machinery and maintenance for its existing high quality fleet. Ardent provides telehandlers, excavators, dumpers, and rollers, to civil engineering and residential building businesses across the UK. Headquartered in Enfield and Middlesex, it has 14 depots nationwide, including Glasgow, Leeds, and London. “This substantial Asset Based Lending facility is a mark of HSBC’s appetite and ability to lead the implementation of structured finance arrangements tailored to client needs, and has been a magnificent team effort between our Asset Based Lending specialists and Leveraged Corporates team. Working with ABN AMRO, we have collectively delivered a solution that will not only provide the working capital that meets Ardent’s current needs, but which will also provide them with the foundation for future growth,” commented Nigel Smith, Head of Large Corporates, HSBC Global Trade and Receivables Finance UK, on the generous offering. The new facility will provide Ardent Hire with the financial capacity to respond to the customers’ demand and to provide market growth. “We are pleased to have worked in partnership with HSBC and provided Ardent Hire with a flexible funding solution. It will help support the company’s accelerated growth, enabling them to achieve their business ambitions,” said Pierre Vinci, Head of Origination at ABN AMRO Asset Based Finance. Formed in 2017 through the acquisition of One Call Hire Limited and Fork Rent Plc. made by Searchlight Capital Partners, L. P. and Duke Street, Ardent Hire Solutions has now the largest telehandler fleet in the UK and one of the largest excavator fleets, with over 5,000 machines available for hire.
Salix Homes, a social housing provider, sought legal action against Francis O’Donnell, a man who threatened housing workers at a gypsy and traveller site in Salford. He manifested aggressive and violent behaviours towards members of staff. “He began clenching his fists and I could see he was becoming very agitated and potentially violent by his body language. I felt intimidated and felt in danger for the safety of myself and my colleague,” said a housing worker in a witness statement. At the court hearing at Manchester Civil Justice Centre, it got found out that O’Donnell shouted expletives and threatened to ‘bang’ a housing worker and get him sacked during one incident at the Duchy Road Caravan Park in Salford on the 3rd of January this year. The court also heard that during another exchange, Salix Homes advised the man to complete an application form so he can move on to the site, to which he replied he would move there ‘whether you like it or not’ and said in a threatening manner to one of the workers that he would ‘see you again’. O’Donnell was granted a six month Injunction Order, with Power of Arrest, which prohibits him from entering the gypsy and traveller site and from threatening or being violent with any employees or contractors of Salix Homes. This decision will stay in place until the 4th of July. “Salix Homes will not tolerate violence or aggressive behaviour towards our employees, when they are simply doing their job,” said Sue Sutton, Executive Director of Operations at Salix Homes. “We welcome the judge’s decision to grant an Injunction Order in this case and I hope it sends out a very clear message that we take all reports of anti-social behaviour incredibly seriously and we will not hesitate to take swift action where necessary.”
Phil Pluck, Glass and Glazing Federation (GGF) Group Chief Executive raises his concerns after the collapse of Carillion. He mentions that this tragedy raises fundamental issues in terms of protecting the smaller companies caught up in the collapsing supply chain, as well as the jobs that may be lost as a result. Delivering major build projects on the decreasing Government funding creates a race between companies in a sense that the major contracts are awarded to those that offer the lowest price. He calls this a “poor, short term approach which causes companies throughout the supply chain to operate at almost impossible margins”. The fixation with cost savings has built a clear risk for major construction projects. Talking for the GGF members, Phil adds: “A cost cutting approach to the awarding of contracts puts at risk build quality, safety and jobs. In doing so, no legal protection is afforded to those in the supply chain that are now the victims of the Carillion Collapse. This in turn could result in further company failures and consequent losses of jobs and talent.” Government’s rescue packages offered to a few selected companies do not reassure GGF Member companies of anything and they won’t allow them to plan a long term sustainability based only on the packages. “A lasting negative effect on Government tax revenue would be the result,” said Phil. Phil Pluck advises the Government to give up on this tactic because it will cause further damage to the industry and to other companies. “I urge the Government to assess the long term damage that short term cost savings creates and to take heed that Carillion may not be the last company to collapse as a result. There are other major supply chains also operating at near impossible margins.”
Crosslane Student Developments, part of the Crosslane Group, is announcing that it has begun the construction of a new 614 bed purpose-built student accommodation development on Friars’ Road in Coventry. The development comprises six new residential blocks each at different stepped heights of three, seven and ten storeys, rising to a 20 storey tower in the south-west corner of the site. The building is laid out in a V-shape to form a large, private landscaped courtyard, within which residents can study, collaborate, socialise and relax. The site is located at the junction of Friars’ Road and St Patrick’s Road, within the Coventry Ring Road. It is in the south of the city centre, conveniently placed near the city’s most popular shopping locales including The Precinct, Smithford Way and Coventry Market, in addition to tourist attractions such as Coventry Cathedral and the famous statue of Lady Godiva. The site is a short walk from the main campus of Coventry University as well as being very close to the city’s mainline train station which offers regular bus services for students attending Warwick University. Students will be able to choose from one of the 135 high specification self-contained ensuite studio apartments, one of the 5 two bed apartments, or from the 459 premium ensuite flats, available in clusters from four to six bedrooms. The set-up encourages students to live in groups, make new friends and provide cultural opportunities as part of their university experience, as well as providing rooms at more affordable rent prices. Cluster flats will share a spacious lounge, kitchen and dining area including a washer/dryer, which has proved particularly popular in other properties Crosslane has developed. A key component of the development is the dedicated shared areas to encourage residents to socialise and create a community. This includes a large high-specification common room with a games zone and study hub, on-site gym, cinema/multi-media room, study room meeting hubs and kitchen/dining facilities for private entertainment. A tenth floor sky lounge and outdoor rooftop terrace will give residents the chance to socialise and celebrate in style with impressive views of the city skyline while superfast 100MB broadband and Wi-Fi throughout the building will provide residents with a first-class experience. The development will take less than two years to complete and is scheduled to be finished before the start of the 2019-2020 academic year. Prime Student Living, the student accommodation lettings and operational management arm of the Crosslane Group, will be responsible for achieving full occupancy prior to practical completion. Coventry University is one of the fastest growing universities in the UK, with this year’s student numbers eight per cent higher than 2016 and 50 per cent higher than in 2011. The increase in the student population has boosted the city’s economy and the City Council has committed to a £300million City Centre South redevelopment project. This development in a prime location will satisfy some of the rapidly increasing demand for student accommodation in Coventry, freeing up homes which could be occupied by the city’s families. Crosslane has appointed DAY Architectural as the architects and RG Group as the Main Contractor for the development. Mike Moran, Development Manager, Crosslane Student Developments, said: “Crosslane is delighted to have begun work on its first student accommodation development in Coventry. The scheme will be a gateway from the station into the heart of the city centre and is a short walk from Coventry University and the city’s main amenities and tourist attractions. In supplying 614 beds, the development will ease the imbalance in supply and demand for purpose-built student accommodation in Coventry.” Dave Dixon, Managing Director, RG Group, said: “As the main contractor for Friars’ Road, we are delighted to be working with Crosslane on this exciting scheme in Coventry, due to open in time for the 2019-2020 academic year. Our team has built up significant expertise in the student accommodation sector and the building will be completed to the highest modern construction standards and a great addition to Coventry’s skyline.”