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Thu September 20 2018

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Fit-out firm sees 50% growth after buy-out

29 Aug Specialist fit-out contractor BW Workplace Experts grew by 50% during the year of its management buy-out of BWI (Holdings) in 2017.

In the year to 31st December 2017, BWI turnover reached £151.0m, up from £100.5m in 2016. Pre-tax profit doubled to £4.0m, up from £2.0m the previous year.

A management buy-out in August 2017 was effected by BW Workplace Experts, which is how the business now trades.

“We’re thrilled to report BW’s best year ever, our second year of double-digit turnover growth,” said chief executive Steve Elliott. “Our 2017 results were driven by our continued focus on defect free projects, growth in sales outside of London and an increase in directly negotiated workload. We are very excited about our current projects and those in the pipeline for the next 12 months.”

Financial director Andrew Bradley added: “Our strong business performance drove turnover growth in both refurbishment and fit out projects, net assets of £13.8m, and cash at bank of £10.8m. We completed a successful management buy-out of the share capital from the shareholding of the two founders [Mark Richards and Craig Foster]. We started our 2018 financial year with our strongest order book and anticipate turnover of between £190m and £200m with continued improvement in gross margin.”

MPU

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