Financial

Clancy chief executive Matt Cannon has credited his firm’s focus on client and supplier relationships for its record revenue and profit. “As a private, family-owned business we’re absolutely not focused on top-line revenue growth,” he told Construction News. “We’re focused on delivering for our clients and making sure we work…

Ground engineering contractor Van Elle has acquired Scottish piling and drilling specialist Albion in a deal worth up to £3.5m. London Stock Exchange-listed Van Elle said the acquisition, announced today, would strengthen its presence in Scotland and extend the group’s technical capabilities. The purchase of Albion follows Van Elle’s acquisition…

Denmark-based multinational Rockwool Group has announced the acquisition of Wigan-headquartered external insulation manufacturer Wetherby Building Systems. The supplier will be renamed Wetherby Wall Systems under what Rockwool Group chief executive Jes Munk Hansen said was part of the group’s expansion in the UK market. “This acquisition underlines Rockwool’s commitment to…

Record turnover last year helped civils contractor Colas Rail boost its pre-tax profit by almost 60 per cent. Annual revenue rose by 10 per cent on 2022 to reach an all-time high of £403.7m, the firm announced in its accounts for the 2023 calendar year. This generated a pre-tax profit…

Administrators have estimated ISG's fit out business owes £111.4m to the supply chain, bringing the total across the firm to more than £301m. Companies House today (28 October) published a statement of affairs relating to ISG Fit Out Ltd – the final of the six ISG subsidiaries which went into…

Construction News’ analysis shows that some executives have seen their pay packages fall while others are celebrating heights never seen before The median pay for a chief executive at a FTSE 100 company reached £4.19m in 2023, the highest level on record, according to the High Pay Centre (HPC).. The…

An ISG lighting subcontractor has gone under, with administrators blaming the collapse of the main contractor. Seventynine Lighting appointed Mark Boughey and Rebecca Dacre of Forvis Mazars as joint administrators on 14 October. A statement from Forvis Mazars on Friday (25 October) said that 30 staff would be made redundant…

The Engineering Construction Industry Training Board (ECITB) has projected it will spend more than it earns for the third year in a row, despite a slight levy increase. The charity, which coordinates training for engineering trades across the UK, projects a £2.2m budget deficit in 2024. This follows two years…

A family-owned construction group is to be split into specialist firms in a fresh demerger. Warwickshire-based Stepnell Group announced it is being split among members of the Wakeford family that helped create it in 1906. Currently the group operates as a whole-service contractor including construction, energy and joinery work on…

A family-run mechanical and electrical (M&E) specialist has appointed administrators after reporting losses for two years running. HBS Southern, founded in 1950, appointed administrators from RSM UK last week (16 October), according to the official record. HBS Southern was run by founder Harry Bull’s son Kevin, who worked alongside his…