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August 12, 2021

New M.D in the hotseat at Mick George Contracting

Never one to rest on their laurels, the Mick George Group have signalled further intent to expand their ever-impressive Contracting Division following the appointment of William East to their Contracting Board, as Managing Director. Considered an integral part of the growth achieved by the Mick George Group in recent times,

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As COVID-19 restrictions are relaxed, CICV Forum issues new health and safety animation, urging workers to keep protecting themselves and others

The Construction Industry Coronavirus (CICV) Forum has issued another in its series of engaging advice videos, reminding workers how to keep themselves and others safe as the COVID-19 restrictions are relaxed. The 90-second animation is the latest in a string of easy-to-follow Forum films designed to help construction workers protect

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SCAPE | ONS construction output reaction

Mark Robinson, group chief executive at SCAPE, one of the UK’s leading public sector procurement authorities, said: “Despite the sustained recovery of order books in the first half of the year, June’s fall in output is a sign that the long-term challenges facing the construction industry are starting to bite,

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PREMIER MODULAR APPOINTS NEW HIRE DIRECTOR

Premier Modular, one of the UK’s leading modular building specialists, has appointed Mark Rooney as Divisional Director for its Hire operations. Mark joins the business with 15 years’ experience in leadership roles, 10 years of which have been spent in the construction hire space.  He now takes responsibility for Premier’s

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Renovation Specialist Receives Loan to Support Its Growth

Renovation Specialist Receives Loan to Support Its Growth

A £200,000 CBILS-backed loan via SWIG Finance has been given to a Bristol-based renovation specialist to support its future growth plans. Over the last 12 months Missiato Design and Build has experienced a period of rapid expansion, and the loan was required to help with ashflow as the business transitions

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Latest Issue

BDC 318 : Jul 2024

August 12, 2021

Commercial market offers up better yields but residential remains the dominant force for property investment

The latest property market analysis by London lettings and estate agent, Benham and Reeves, has taken a look at both the residential and commercial property markets and how both are currently performing for those considering an investment but unsure which path to take. The analysis shows that when it comes to the initial cost of investing, the average residential property requires a budget of £259,850. However, with an average value of £454,384, a commercial investment will require a budget some 75% larger on average. Where stock availability is concerned, the residential market also offers up far greater choice with 541,966 listings versus just 12,022 across the commercial space. The value of the market is also more substantial, worth an estimated £251.5bn while the commercial market comes in at almost £9bn in value. London and the South East rank top for resi stock availability, accounting for 19% of all listings, with the East of England (12%) also seeing a large number. Those eyeing a commercial investment are better placed investing in the South West and North West, accounting for 12.9% and 12% of all commercial stock respectively. London ranks third with 11% of all commercial properties in the capital. While the commercial sector may be smaller in both volume of stock and values it could prove the better option for the individual investor. On average across the UK, a commercial investment will bring a yield of 10.7%, while the average residential property offers a yield of just 3.7%. Currently, Scotland and the North West offer the highest residential yields at 4.4% and 4.3%, while Scotland is also home to the highest commercial yield at 20.4%, along with the South West (13.7%). Both regions are also home to the largest gap between the average residential yield and the average commercial yield. Director of Benham and Reeves, Marc von Grundherr, commented: “It’s fair to say that both the residential and commercial markets have been impacted by the pandemic and so it’s hard for investors to know where to put their money at present. But tough times can also bring great opportunity and with the country now reopening from both a professional and social standpoint, both sectors are set to see a return to health over the coming months. There are a plethora of factors to consider from your initial investment level, which sector to choose and the ongoing requirements, capital gains potential, as well as the regional disparities across these sectors in each region of the UK. While a commercial investment may offer a higher yield, the recovery timeline as a result of the pandemic is set to stretch on far longer than that of the residential rental market and residential property investment remains by far the dominant force where availability, affordability and total sector value is concerned. However, commercial investment can provide a more hands-off approach for those doing so through a third-party platform, while the amateur buy-to-let landlord is sure to spend more time sorting out tenant issues and so on. The best approach is a balanced portfolio and one that considers the pros and cons of each market from both a residential and commercial standpoint.” Table shows the current average asking price, value of the market, number of properties  and proportion of total properties across both the commercial and residential markets Region Resi number of properties  Resi asking price Est total value % of market Comm number of properties  Comm asking price Est total value % of market London 103,471 £1,048,760 £108,516,245,960 19.1% 1,331 £1,526,731 £2,032,078,961 11.1% South East 103,293 £454,581 £46,955,035,233 19.1% 1,172 £2,032,700 £2,382,324,400 9.7% East Midlands 35,842 £275,169 £9,862,607,298 6.6% 780 £972,202 £758,317,560 6.5% East of England 65,333 £365,714 £23,893,192,762 12.1% 741 £645,600 £478,389,600 6.2% North East 22,423 £202,181 £4,533,504,563 4.1% 783 £347,866 £272,379,078 6.5% North West 48,599 £227,049 £11,034,354,351 9.0% 1,438 £429,830 £618,095,540 12.0% South West 49,629 £403,642 £20,032,348,818 9.2% 1,547 £534,867 £827,439,249 12.9% West Midlands 36,619 £289,322 £10,594,682,318 6.8% 1,175 £478,938 £562,752,150 9.8% Yorkshire and The Humber 29,099 £201,512 £5,863,797,688 5.4% 1,152 £330,030 £380,194,560 9.6% Scotland 25,310 £191,332 £4,842,612,920 4.7% 1,110 £305,749 £339,381,390 9.2% Wales 21,372 £244,530 £5,226,095,160 3.9% 768 £417,946 £320,982,528 6.4% Northern Ireland 976 £184,416 £179,990,016 0.2% 25 £396,942 £9,923,550 0.2% United Kingdom 541,966 £259,850 £251,534,467,087 100.0% 12,022 £454,384 £8,982,258,566 100.0%                   Table shows the current average yield across both the commercial and residential markets Region Resi asking price Resi asking rent pm Resi average yield Comm asking price Comm asking rent pm Comm average yield Scotland £191,332 £706 4.4% £305,749 £5,204 20.4% South West £403,642 £1,031 3.1% £534,867 £6,097 13.7% Yorkshire and The Humber £201,512 £633 3.8% £330,030 £3,549 12.9% Northern Ireland £184,416 £277 1.8% £396,942 £3,605 10.9% Wales £244,530 £806 4.0% £417,946 £3,597 10.3% West Midlands £289,322 £810 3.4% £478,938 £3,692 9.3% North East £202,181 £667 4.0% £347,866 £2,570 8.9% North West £227,049 £810 4.3% £429,830 £3,168 8.8% East of England £365,714 £1,057 3.5% £645,600 £4,377 8.1% London £1,048,760 £2,643 3.0% £1,526,731 £9,681 7.6% East Midlands £275,169 £802 3.5% £972,202 £5,053 6.2% South East £454,581 £1,356 3.6% £2,032,700 £7,848 4.6% United Kingdom £302,577 £869 3.4% £317,890 £5,204 19.6%              

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NEW FIRE SAFETY ACT PROMPTS RISK ASSESSMENT REVIEW, BUREAU VERITAS TELLS DUTY HOLDERS

Leading safety and compliance expert, Bureau Veritas is encouraging landlords and duty holders to prepare for the Fire Safety Act 2021 which will make significant changes to fire safety regulation – describing the legislation as a new era for building safety. Given Royal Assent on 29th April this year, the Act will amend the Regulatory Reform (Fire Safety) Order 2005 and aims to make it clearer where responsibility for fire safety lies. The new laws apply to buildings containing more than one home that are more than 18 metres or six/seven stories in height and seeks to respond to the outcomes of the Hackitt Review. The Fire Safety Act 2021 clarifies that the responsible person or duty holder for multi-occupied, residential buildings must “manage and reduce the risk of fire” posed by the building’s structure, and most notably external wall systems, including windows and balconies, and individual occupants’ entrance doors. Under the clarification, fire and rescue services will be authorised to take enforcement action and hold building owners to account if they are not compliant. This latest law follows on from various action already taken designed towards strengthening the whole regulatory system for building safety, including new sprinkler requirements and the forthcoming Building Safety Bill which was presented to Parliament on 5th July 2021. John O’Sullivan MBE, Technical Director – Fire Consultancy at Bureau Veritas, states: “The approval of the Fire Safety Act marks a significant step in the right direction to mitigate the fire risk in relation to life safety and building safety and is one of the biggest outcomes of the Grenfell Inquiry to date. The government is expected to release further guidance on the Act later this year, as there is further consultation currently taking place in relation to the stay put policy and evacuation procedures for high rise residential properties. “Therefore, we would encourage any landlord or duty holder to take stock of the new changes already in place and review its current fire risk assessments policies. The Fire Safety Act potentially poses new challenges for duty holders, with the inclusion of the building structure, external walls, balconies and windows now forming part of a fire risk assessment process, and with the onus now firmly placed on duty holders to get it right, its essential these are done properly.” The Fire Safety Act also provides a foundation for secondary legislation to take forward recommendations from the Grenfell Tower Inquiry phase one report, including lift inspections, reviewing evacuation plans and fire safety instruction for residents. The upcoming Building Safety Bill, which was placed before parliament on 5th July 2021, and is expected to be passed into law by 2022, this is likely to include parts of phase two recommendations of the Grenfell Inquiry that will enact a change in Building Regulations. John continues: “With these new changes enforced by the Fire Safety Act, and more updates to come in the near future, it may seem a daunting task for landlords or a residential buildings duty holders to keep on top of the regulations to ensure risk assessments are accurate. However, third party health and safety firms, like Bureau Veritas, are able to conduct compliant fire risk assessments and make recommendations for necessary changes to mitigate the risk to ensure homes remain safe.” Bureau Veritas offers a comprehensive range of fire and life safety consultancy services to suit all requirements, including fire risk assessment, fire engineering, building control and fire science. The testing, inspection and certification expert offers duty holders the unique opportunity to select the services they require to help improve fire safety management in their buildings, whilst benefitting from the cost-efficiencies of a combined service. For further information on how Bureau Veritas can support with fire risk assessments and fire and life safety strategies call 0345 600 1828 or visit www.bureauveritas.co.uk

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New M.D in the hotseat at Mick George Contracting

Never one to rest on their laurels, the Mick George Group have signalled further intent to expand their ever-impressive Contracting Division following the appointment of William East to their Contracting Board, as Managing Director. Considered an integral part of the growth achieved by the Mick George Group in recent times, William has been duly rewarded for his efforts, promoted from Projects Director, a position which he formally occupied within the business for the previous 3-years. Projected to deliver Circa £55m this year, across it’s Earthworks, Demolition and Environmental provisions, the Mick George brand now takes pride of place within the Construction Industries elite; and this recent Organisation change is anticipated to further establish their status. While serving their existing loyal client base with agile, pioneering and innovative working solutions has been pivotal in the Groups upward trajectory, concerted strides have been made to strategically increase involvement with Highways, Industrial and Government funded schemes; most notably their contribution towards Highways England’s delivery of the M1 Smart Motorway scheme. The former development is recognition of the scale and profile of where Mick George’s Contracting Division currently resides, and with an impressive pipeline of projects with similar stature imminent, things continue to look bright for the business.

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As COVID-19 restrictions are relaxed, CICV Forum issues new health and safety animation, urging workers to keep protecting themselves and others

The Construction Industry Coronavirus (CICV) Forum has issued another in its series of engaging advice videos, reminding workers how to keep themselves and others safe as the COVID-19 restrictions are relaxed. The 90-second animation is the latest in a string of easy-to-follow Forum films designed to help construction workers protect themselves and their colleagues, customers and families after Scotland moved out of Level 0 this week (Monday 9 August). It follows the Forum’s warning last month that the sector is “not out of the woods yet” and that each worker has a vitally important role to play in continuing to maintain good hygiene. Among the practical advice, the animation reminds construction professionals to make sure they’re vaccinated, register with Test and Protect, take regular lateral flow tests and familiarise themselves with the rules around self-isolation. While on-site, it also reminds them to carry out thorough risk assessments, keep work spaces ventilated, wash hands, tools and surfaces regularly, continue to observe physical distancing and wear appropriate face coverings where required. Rebecca Crosland, Chair of the Forum’s Health and Safety group, and Head of Health & Safety at the Building Engineering Services Association (BESA), said: “With the recent relaxation of COVID-19 rules, we are now entering a new phase where it is still vitally important to be careful both in our professional and personal lives. “This video is designed to remind construction professionals that it’s vital not to forget the lessons learned so far, and of the practical steps they should all keep taking to protect themselves and their customers, colleagues and loved ones. “Make no mistake – COVID-19 is still a very real threat and we can’t afford to relax yet. However, hopefully this will serve as a practical reminder to familiarise themselves with the latest government advice and continue carrying out the safe working practices that have been adopted over the past 18 months.” The new guidance follows a range of other informative Forum videos that have helped to steer the sector through the pandemic, including advice on face coverings, guidance on travel and information for those carrying out domestic work. The video was developed by Iain Mason, Chair of the Forum’s Communications sub-group and Director of Membership & Communication at SELECT, another leading member of the Forum. He said: “Since the CICV Forum began in March 2020, our animations have proved to be highly effective in delivering vial health and safety messaging, and we hope this new video will continue to get more important advice across to construction professional everywhere. “It’s been heartening to see how people across the industry have pulled together to get us through the past 18 months, and as we enter this new phases we must ensure that we all continue with this level of cooperation and collaboration. “This latest animation continues the Forum’s key message that we are all #InThis Together and the importance of workers taking personal responsibility to protect themselves, their colleagues and the wider community.” The CICV Forum is made up of 29 trade associations, professional services bodies and companies. Since its inception, it has maintained a steady supply of information and practical advice to the sector as well as carrying out surveys, producing animations and posters, hosting webinars and speaking with government ministers. Last month it issued a secure site risk assessment template and close working checklist to help construction professionals plan for projects, with both available to download for free from the Forum website. Watch the new video…

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Beard completes work on £20m redevelopment project at St Hilda’s College, Oxford

Family-run construction firm Beard has completed one of the biggest contracts in its history with a major redevelopment at St Hilda’s College, in the University of Oxford. The city’s famous skyline and its dreaming spires, have another architectural gem added to them with the completion at St Hilda’s, and the crowning of its tower in gold foliage. The £20m Front of College project also represents the largest redevelopment of the college in its history, having been completed to mark its 125th anniversary. Described as ‘architecturally stunning’ by the College, key aspects of the estate have been altered as part of the project, including the entrance, the street-view and the riverside frontage. The brief was to provide student accommodation (54 bedrooms), and to bring together key College administration functions into one place. The specifics of the work include: New main entrance to the college New accommodation for students New Boundary Building to house the Middle Common Room, Chapel and Porter’s Lodge New high-quality teaching and office space New riverside pavilion for entertaining Crowning of the tower using aluminium gold leaves mounted around a steel frame, painted by hand with bespoke St Hilda’s Gold. The new accommodation is a key element in the redevelopment as it relieves both the financial pressure for students of finding accommodation in the private rental market, and also eases some demand for accommodation in the city. Dean Averies, director at Oxford-based Beard, said the construction firm was successful in its bid for the work due to its track record in the education sector and especially with the University of Oxford. He said: “St Hilda’s has been a fantastic project for Beard to work on, especially as it marks a special anniversary for the College. “We understood the constraints of the College from the start, so the two-stage procurement route gave us time to work through issues before we got to site. “There were some challenges along the way as we had identified a number of significant gaps in the design information, which we had to fill to enable the project to progress. Of course, we subsequently had the ongoing restrictions due to coronavirus, which we were able to absorb and work around. “However, we were able to hand over on schedule and delivered on the original vision to create an inspiring place to live, work and study, for the next 125 years.” Neil Hyatt, Head of Buildings, St Hilda’s College added: “Beard has worked tirelessly with the novated design team and subcontractors, to ensure that the best possible outcome was achieved for St Hilda’s College. “Despite the challenges due to Coronavirus, as promised, our study rooms were ready on time for the start of the academic year. This was a collaborative project and the successful outcome was driven by contracts manager Steve Lambourne and his team. “Everyone is stunned by the architecture, the quality of finish and above all Beard’s commitment, to meeting client expectations.”

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SCAPE | ONS construction output reaction

Mark Robinson, group chief executive at SCAPE, one of the UK’s leading public sector procurement authorities, said: “Despite the sustained recovery of order books in the first half of the year, June’s fall in output is a sign that the long-term challenges facing the construction industry are starting to bite, with material and labour shortages inflating costs and extending project timelines. Inflation is tipped to continue rising until the end of the year at least, which has the potential to hamper the impact of increased government spending, as it looks to modernise infrastructure and stimulate a construction supercycle. “The support provided to SMEs in the coming months will be key to mitigating any negative long-term effects – particularly for those businesses with restricted buying power or weaker order books post-Covid. Larger contractors can play a key role by ensuring SMEs are able to plan effectively whilst supporting their cashflow through fair payment practices.”

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BARRATT PEDALS ITS SUPPORT FOR ROYAL BRITISH LEGION INDUSTRIES IN 150 MILE CYCLE RIDE

Housebuilder Barratt Homes has contributed £10,000 for the veteran’s charity Royal British Legion Industries (RBLI), following Regional Director Mark Bailey and his Wife participating in the charity’s annual Cycle Ride recently (16th-18th July). Mark Bailey supported this event for the second time, whilst RBLI is a charity with whom Barratt has a longstanding partnership. The challenging route saw participants cycle from RBLI’s village in Aylesford, Kent to Meriden, West Midlands, the historical centre of England and home to the National Cyclists Memorial, which was installed 100 years ago and honours cyclists who lost their lives in both World Wars. On arrival, the RBLI party along with the local Member of Parliament and Parish Councillors hosted a wreath laying ceremony and a full-size ‘Tommy’ soldier figure was presented to Meriden Parish Council. During the cycle ride, the riders stopped at Barratt North Thames’ Kingsbrook development in Aylesbury, Buckinghamshire, where Mark Bailey officially presented Steve Cherry, Managing Director of RBLI, with a £10,000 cheque on behalf of Barratt. Mark comments: “We are proud to be a corporate partner of RBLI, which plays a vital role in supporting our service veterans. The annual Cycle Ride is a further opportunity to fundraise for the charity, and it is an honour to cycle amongst participants ranging from veterans to serving soldiers and even a Chelsea Pensioner. “Tracey [Mr Bailey’s wife] and I have previously cycled with the veterans, a number of whom have had bikes specially adapted due to their injuries enabling them to complete the challenge.  It is always a humbling and emotional experience which Tracey and I are delighted to be associated with.  It was a pleasure to present the donation to RBLI on behalf of Barratt Developments and we look forward to continuing to work with the charity and provide opportunities for veterans.” Natalie Sweeden, Corporate Partnerships Manager at RBLI, comments: “Time and time again, our amazing partner Barratt Homes has been there, generously supporting RBLI and helping to change the lives of the country’s most vulnerable veterans. We are incredibly proud to have them represented once again at our latest fundraising challenge. “Mark and the team at Barratt are extremely loyal supporters and the funds they raised through this ride will make a significant difference to military veterans and their families who are struggling as a result of the pandemic. We cannot thank them enough for their support.” Barratt announced a multi-layered partnership with RBLI in 2019, which began with a £750,000 donation to RBLI’s Centenary Village with total fundraising to date approaching £1million. The £22million development will be made up of assisted-living accommodation, family homes, specially-adapted apartments and a community centre for injured veterans and their families. The housebuilder has also supported a number of veterans with employment opportunities at its developments in the South East. Most recently, Barratt installed hundreds of Tommy figures across the country at its new homes developments to commemorate the lives of soldiers who fought in WWI, and thank the veterans of today. To find out more about Royal British Legion Industries, visit www.rbli.co.uk. To find out more about Barratt Homes, visit www.barratthomes.co.uk.

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PREMIER MODULAR APPOINTS NEW HIRE DIRECTOR

Premier Modular, one of the UK’s leading modular building specialists, has appointed Mark Rooney as Divisional Director for its Hire operations. Mark joins the business with 15 years’ experience in leadership roles, 10 years of which have been spent in the construction hire space.  He now takes responsibility for Premier’s highly successful Hire Division, from business development and project delivery to managing and developing the company’s expanding fleet of modular buildings for hire. According to David Harris, Managing Director of Premier Modular, “The Covid-19 pandemic has really put the modular industry in the spotlight. It has given us the opportunity to demonstrate the responsiveness of modular construction and in particular of our hire solutions. We have worked on some really high-profile projects in the past year, to incredibly challenging programmes to help the Government in its response to the pandemic.” “To help meet the increasing demand for our temporary building solutions in every sector, we invested £12m in our hire fleet in just 12 months and have an extremely high degree of fleet utilisation. As the economy is starting to return to normal levels, we are pleased to report a very strong order pipeline.” Mark Rooney, Divisional Director – Hire, added, “This is a really exciting time to join the business, which has made tremendous progress in the past year. There is enormous growth potential for Premier’s hire solutions, particularly in healthcare and education, where we are well placed to provide larger, more complex temporary buildings which may be on hire for a number of years. These projects range from decant education facilities for use during school redevelopment works to acute healthcare buildings to help NHS trusts rapidly increase capacity – from specialist ward buildings to theatre blocks.” “We also have ambitious plans to increase our market share in the provision of high quality project offices for major construction and infrastructure projects, not just in the South East but across the UK.” “Our aim is to provide additional space very quickly and with levels of quality, fitout, and comfort that make every building feel bespoke.” Premier is currently working on a number of multi-million pound contracts to provide project offices for HS2 in the South East and a £3m hire project for Kier is nearing completion at Royal Cornwall Hospital to rapidly increase ward capacity. The hiring of modular accommodation is a fast, flexible, sustainable, and cost-effective way for organisations to expand capacity or relocate services, particularly on constrained sites. The approach also gives customers greater flexibility as the facilities can be dismantled and removed for use on other sites if local needs or business requirements change. Premier specialises in more complex hire building solutions which can include facilities spanning six storeys and built on gantries on constrained city centre sites. David Harris previously held the position of Divisional Director for Hire until he was appointed Managing Director of Premier Modular in 2020, following the retirement of Eugenio de Sa. For further information, visit www.premiermodular.co.uk, call 0800 316 0888 or email info@premiermodular.co.uk.

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As homeowners say it’s too expensive to go green, how businesses can help them

According to the building society Nationwide, Britain’s housing is directly responsible for 15% of the UK’s carbon emissions, as The Times reports. However, in a recent survey, 28% of homeowners said they did not intend to make any green improvements to their homes in the next decade.  In that July survey, where 3,000 UK homeowners were polled by NatWest banking group and IHS Markit, two thirds of respondents said the expense of eco-upgrades was the biggest stumbling block. So, how could UK businesses do their bit to help lower the high financial entry price? How can homeowners check where they could make green upgrades? Since 2007, all home sellers have been required to provide buyers with an EPC (Energy Performance Certificate). Hence, it’s not hard for households to investigate how they could enact carbon-cutting improvements in their properties.  Nonetheless, many households could understandably baulk at the costs attached to many of the options on offer. This is MONEY.co.uk highlights one situation faced by 32-year-old Chris Simons and his partner Oliver when their EPC recommended insulating their home’s solid floors. Though this measure pledged a yearly saving of £84 due to reduced heating bills, the cost of installing this flooring insulation would have been in the region of £4,000 to £6,000, the EPC estimated. Simons thus dismissed the idea as “just totally unworkable”. What green improvements are capable of paying off? “I’d love to be more eco-friendly, but the economics have to stack up,” Simons said. Unfortunately, many green measures are marketed as cost-cutting even when this is actually far from the case. Nonetheless, certain eco-friendly moves can more than pay for themselves over time. One good example is buying a hot water cylinder jacket – which, though priced at £35, would save the household £85 yearly. Similarly, while installing loft insulation would cost £270 on average, it would also bring a financial return in less than two years.  The addition of this insulation would not have to be at the expense of the loft’s practicality, either. Raised loft boarding, like that installed as part of the award-winning loft boarding service from Instaloft, can hide insulation under the loft’s flooring without hurting that insulation’s effectiveness. How businesses could capitalise on consumer interest in green products One piece of good news for businesses offering these products is that consumers are evidently interested in them. Last year, online searches for terms like “how much are heat pumps” and “where to buy insulation” grew, despite this trend not translating into higher sales. According to one calculation made by the energy supplier Bulb and reported by inews.co.uk, at least four million homes could have been insulated – with CO2 emissions consequently being cut by two million tonnes – if customers hadn’t been deterred by the high prices of green home products. Therefore, the onus is on businesses to educate customers on what green moves they can practically afford to make. For example, while cavity wall insulation is only viable for some properties, it can generate a financial return in less than four years.

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Renovation Specialist Receives Loan to Support Its Growth

Renovation Specialist Receives Loan to Support Its Growth

A £200,000 CBILS-backed loan via SWIG Finance has been given to a Bristol-based renovation specialist to support its future growth plans. Over the last 12 months Missiato Design and Build has experienced a period of rapid expansion, and the loan was required to help with ashflow as the business transitions through this phase of growth. Missiato has a team of tradesmen who undertake bespoke projects such as new build homes, interior and exterior renovations, loft conversions and landscaping. The business is led by Adamo Missiato and Luke Sperring, who have both enjoyed successful careers as tradesmen themselves. Missiato currently employs 20 staff and 15 sub-contractors, with a new administration role being created to support business growth. The business plans to create more jobs in the coming year. “Due to the nature of our business, our cashflow can be complex. We work on multiple projects simultaneously and our material expense is high, which can skew our profit and loss statement. We knew we needed a lender who could look beyond the immediate figures and view the business as a whole, which is what SWIG Finance did,” said co-owner Adamo Missaito. When the directors identified a need for external finance, they approached Jack Seymour of Pinnacle Business Finance, who connected them with community development finance institution (CDFI) SWIG. “When I initially spoke to Adamo from Missiato Design and Build it was evident that he was very ambitious with a clear vision of how he wanted to grow the business,” said Jack Seymour. I worked closely with Adamo to get an In-depth understanding of how best to facilitate his requirements for funding. “SWIG’s CBILS loan was the ideal solution for Missiato Design so the business could continue to grow whilst fulfilling larger more complex works.” SWIG Finance business manager, Jordan Berg, who worked with the business owners and their finance broker to secure the funding, added: “Missiato Design and Build has grown substantially over the last year with the pandemic playing a role in fuelling a surge for home improvement projects. The business has a solid order book for the year ahead and 2021 is set to be a record year for them.”

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