Turner & Townsend secures credit for growth plans
Turner & Townsend has secured an £80m finance package from Lloyds Bank Commercial Banking, HSBC and Royal Bank of Scotland to support its growth plans.
The five year revolving credit facility provides working capital for the business to expand its geographical footprint and invest in new services and capability.
The company reported record turnover of £380m in its most recent financial figures and has 4,300 employees worldwide. It also recently converted to a limited liability partnership.
Chief executive Vincent Clancy said: “Our sustained turnover growth in the last five years is an endorsement of the consistent investment we’ve made in the company. Our extended banking arrangements, coupled with our switch to a limited liability partnership, allows us to invest in our capability and to continue to transform our business to deliver better results for our clients.”
Lloyds Bank Commercial Banking relationship director Richard Townsend said: “The impressive growth of Turner & Townsend – with turnover up by 75% since 2010 – is a testament to the ability of the ambitious and experienced management team which has a combined 125 years of service with the company.
“The strategic direction of the business, and diversity of its global reach and service proposition, means it is ideally positioned to make the most of the flourishing construction market, in which demand for expert consultancy is soaring. Lloyds Bank is committed to supporting Turner & Townsend through its next stage of growth.”
HSBC and RBS made similarly warm comments.
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This article was published on 26 Feb 2016 (last updated on 26 Feb 2016).