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Thu April 02 2020

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Cost consultant eyes next level after US takeover

11 Feb TowerEight, a construction cost consultancy founded in London in 2011, has been taken over by US project management firm Cumming.

TowerEight is project manager, cost manager and employer’s agent for Unite Students’ conversion of the old Bristol Royal Infirmary into flats and students rooms
TowerEight is project manager, cost manager and employer’s agent for Unite Students’ conversion of the old Bristol Royal Infirmary into flats and students rooms

TowerEight will continue to operate under the day-to-day leadership of its current executive team – including founders James Morris, Simon Craven, and Toby Wait. However, the business will be merged with Cumming’s UK operations. Cumming has offices in London, Edinburgh and Stoke-on-Trent through its previous acquisitions of surveyors Mellersh & Harding Building Consultancy (MHBC) and Prosurv.

Toby Wait, one of the founding directors of TowerEight, said: “We had been looking for a true long-term partner with an outstanding reputation, an owner-driven culture, and international resources that could help take TowerEight to the next level. We have found this with Cumming.”

The terms of the deal were not disclosed.

TowerEight’s most recently filed financial results show turnover of £12.5m for the year to May 2018 with pre-tax profit of £4.0m.

“Earlier in my career, I was a client of TowerEight and I always appreciated their hands-on, principal-lead philosophy,” said Cumming president Derek Hutchison. “After experiencing TowerEight’s approach firsthand, I am not surprised they grew into such a highly regarded industry leader. Cumming’s investment in TowerEight demonstrates our strong belief in the firm and the tremendous potential of the UK market.”

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MPU

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