Overview
Description
Project Meyrick utilises a flexible workforce to undertake refurbishment and extension projects on a wide array of premises, including education establishments, hotels, NHS buildings and residential properties.
The company offers an all-encompassing solution for each project, from estimating to handover. Services include mechanical and electrical works; internal and external decoration; groundworks and landscaping; and the installation of flooring, structural elements, facilities, and premises-specific furniture.
The business can scale its activities to suit evolving requirements, effectively completing small works through to £2m schemes.
Our client is offering the company for sale to facilitate lifestyle changes. Offers invited.
Key Highlights
– Accredited by CHAS Advanced, Constructionline Gold, and SafeContractor. Also operates to ISO 9001, 18001 and 45001 certification standards.
– Works with schools, universities, Government departments, local authorities, property developers and other organisations, primarily in the Midlands.
– Generates 10% of its income from nationwide projects, presenting vast potential for geographical expansion through existing clients.
– A manager has demonstrated the necessary skills and expertise required to absorb the director’s responsibilities, post-sale, subject to further management support.
– Operates from leasehold office and storage premises. The centralised location facilitates easy access to clients’ sites throughout the Midlands and the wider UK.
Financial Highlights
– Generated a YE23 turnover of £6m, with an adjusted EBITDA of £843k.
– Projected to achieve a turnover of £8.3m by YE25, with the adjusted EBITDA increasing to circa £1.2m.
– All income is secured through contracts, and there is loyalty from blue-chip clients; 90% of clients appoint the business for multiple projects.
– Procures approximately 70% of its revenue from four key framework agreements, three of which will be in place until at least 2026.
– In an advantageous position to be awarded a subsequent contract with a large blue-chip client in autumn 2024.
– Has a strong 2024 pipeline in place, with £5m worth of works scheduled. The business is ideally positioned to advance its activities for existing clients, with scope to attain a further £2m. Outstanding tenders total £5m.
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