TowerEight employs 80 staff in its London Bridge office and is planning to add another 40 in a new Manchester office that will open before the end of the year.
Turnover in the year to May 2018 at the firm increased 15% to £12.5m with the firm forecasting revenue of £13.5m in its current financial year. The target is £20m income within five years.
“The firm is benefiting from our strategy of hiring the most experienced people and ensuring that our clients receive the best possible service,” said founder and director James Morris. “We have just promoted six new directors from within the business and are confident that we can continue this organic growth and maintain our high client retention rate.”
He continued: “As part of this strategy to ensure high level client service, we realised that a strong office base in the regions would benefit our client relationships but also leave the firm well placed to drive new business in those markets. We have a significant amount of work there such as student accommodation and hotel work and it makes sense to be based in a market in these parts of the country that are doing very well.”
James Morris also said that he hoped to open an office in Berlin in 2019. “Germany would be an opportunity,” he said. “It’s next on our list after Manchester. I think it will be virtually impossible to work out there [in the EU] without an office [after Brexit].”
TowerEight has been appointed to Quintain’s mixed-use scheme at Wembley. It is also working on a 2,000-homes scheme for developer Greystar in Greenford, west London. It also works across more than 40 UK hotels for the Marriott chain.
To increase its work in the office fit-out market, TowerEight has recruited project manager Ciaran Galvin from Arcadis. Currently only 10% of the workload comes from the office sector; he has been tasked with increasing this to 25%.