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Fit-out contractor sees 260% growth in two years

7 Feb 23 Having turned over less than £20m in 2021, Northern Ireland-based fit-out specialist Mivan is on course for £70m revenues this year.

Mivan's joinery workshop
Mivan's joinery workshop

Mivan reports that it has booked record orders worth more than £100m, with five-star hotels and premium residential developments in London leading the way..

The business is also on target with its strategic growth plan to increase turnover to £100m by 2025 – fivefold growth in four years.

Chief executive John Cunningham, who took over from Brian McConville last year, said: “This strong performance is down to our clear strategy and a really exceptional team across the business and at every level. This has resulted in a high level of repeat business from the UK’s leading developers and contractors. We have a healthy balance sheet, have diversified into a wide range of sectors, and have developed an international reputation for our specialist fitout services.”

“It is great to see so many world-class developments being fitted out with bespoke joinery manufactured in Northern Ireland. As a result, we remain on target with our ambitious growth strategy and will continue to invest to the benefit of our customers and stakeholders.”

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The order intake includes:

Chief executive John Cunningham
Chief executive John Cunningham

  • a £17m fit-out project for Multiplex for One Nine Elms – a new five-star hotel in London, due for completion by the end of 2023
  • fit-out projects worth £8m for Prime Development and Sir Robert McAlpine for the Peninsula Hotel in London’s Grosvenor Place in London, including bespoke joinery for front-of-house areas
  • a multi-million-pound contract for a five-star hotel in Mayfair
  • multiple contracts at the Chelsea Barracks residential development in London, the latest of which is due for completion by the end of 2023
  • a multi-million-pound contract to refurbish and fit-out Pearl Assurance House in Belfast. Scheduled for completion this summer, Mivan will be responsible for the restoration of the historic façade, the creation of ground floor retail units, open-plan offices, roof terrace and a rear extension, as well as internal finishes and specialist joinery.

The original Mivan went out of business in 2014 after getting its fingers burned working on Romania. Its assets and brand name were bought from the administrators in 2014 by MJM Marine, a fit-out contractor for ships and boats.

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MPU
MPU

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