Caddick hails firm’s strength as profits increase to £7.96m
THE BOSS of family-run construction business Caddick Group has said the collapse of Carillion has shown his firm has “a unique strength in the market place” as it reported profits of £7.96m.
Paul Caddick, chairman of the group, said that his firm was well-placed to expand its presence across the country after it reported a rise in turnover, with revenues rising 2.5 per cent to £152.4m for the year ended August 31, 2017.
The group continues to increase activities in the residential and build-to-rent sector through subsidiary company Moda.
Backed by Apache Capital Partners, Moda has a £2bn pipeline of 6,750 rent-only apartments in high profile city centre sites across the UK including Glasgow, Liverpool, Leeds, Manchester, Birmingham and Edinburgh.
The group’s activity in the industrial and logistics sector also continues to grow, with the completion of phase one of its £100m prime distribution and logistics scheme near Wakefield, called Crosspoint33, let to TJX, parent company of TK Maxx, and forward sold to Tritax.
In 2017, Caddick also received planning approval to redevelop the historic, six-acre Quarry Hill site in Leeds.
Relaunching the area last September under the name SOYO, the £300m masterplan will create hundreds of new homes, leisure and hotel space with high quality public realm working alongside the existing cultural organisations in the area.
The group’s construction and civil engineering division saw a jump in activity during the year, with Caddick Construction posting a rise of 20 per cent to £98m and civil engineering activity rising 9 per cent.
Mr Caddick said: “I am pleased to report that the core group businesses have all continued to be profitable during the year.
“As demonstrated by the Carillion crisis, the full spectrum offering of the group gives us a unique strength in the marketplace, as does a strong relationship with the supply chain, while the addition of the strategic land arm gives us whole lifecycle capabilities and will enable us to further extend our presence across the country.”
Taking over from Carillion on site, Caddick will now deliver the £154m, 466-home Angel Gardens build-to-rent project in Manchester.
The full spectrum offering gives us a unique strength. Paul Caddick, chairman of the Caddick Group