Phoenix rises from GB's ashes
A new construction company formed out of the ashes of the collapsed GB Group is on course for a turnover of nearly £22m in just its second year.
Torsion Group was set up by Dan Spencer, who was northwest regional managing director of GB Group at the time of its collapse in March 2015. He spent the first eight years of his career with Laing O’Rourke before joining GB in 2006.
Central to Torsion’s early growth have been student accommodation schemes. Dan Spencer had previously been director in charge of GB’s student accommodation building business. Nine schemes were secured in Torsion's first year, and turnover is on target to hit just below £22m in its second year.
Torsion took over a part-built £6.6m 259-bed scheme on the former ambulance station site in Selly Oak, Birmingham for Crosslane Developments (pictured below).
A second contract for Crosslane is a £6m 140-bed student accommodation scheme in Newcastle, which is set for completion in summer 2016.
Other live projects include: a 48-bed student scheme for Worcester Properties, due for completion in August 2016; and a large residential housing scheme in Yardley for Tree Tops Homes, due for completion in May 2016.
Torsion plans to add to its team of 24 people based at its offices in West Yorkshire and the Midlands, with a third office planned for Manchester later this year.
“We are a vibrant young company that has demonstrated our ability to deliver high value and difficult schemes in the first 12 months of operation,” said Mr Spencer. “We have secured all of our workload on a negotiated basis with clients who enjoy working with us as we deliver on our promises and offer realistic advice.”
He added that key to the success of the business so far was a commitment to paying subcontractors within 28 days and on time.
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This article was published on 22 Feb 2016 (last updated on 22 Feb 2016).