A taste for the hard stuff: Laing O’Rourke’s Stewart McIntyre


A year after Laing O’Rourke agreed a crucial £177m refinancing deal, the man who fought against the odds to make it happen talks to Building

“You have always got to think there is a solution.” Laing O’Rourke’s Stewart McIntyre is talking about the months spent trying to negotiate a second refinancing deal in three years. The £177m revolving credit facility was finally sorted a year ago, but something that should have taken six months ended up taking nine. As the firm’s group finance director, McIntyre was charged with making sure it happened, but sector and lender sentiment conspired at times to make it seem nigh on impossible. “It was really, really difficult,” he concedes. “There were a lot challenges.”

Top of that list was Carillion’s collapse in early 2018. “Catastrophic,” McIntyre admits. “And Kier came out with their emergency fundraising and it doesn’t work because the underwriters had to support that significantly.” The rights issue announced in November 2018 was taken up by just one third of Kier’s shareholders. “We had the Interserve situation going on as well and the constant drip of tier 2, 3 and 4 companies going into administration. It was extremely difficult.”

>> Read more

This is PREMIUM content available to Subscribers only

You are not currently logged in.

LOGIN as a subscriber or SUBSCRIBE to access this story

Gated access promo

LOGIN or SUBSCRIBE for access to this and all premium content.

Take out a print and online or online-only subscription and you will get immediate access to:

  • Breaking industry news as it happens
  • Expert analysis and comment from industry leaders
  • Unlimited access to all stories, including premium content
  • Full access to all our online archive


Subscribe now for unlimited access.


Get access to premium content subscribe today