Business now known as GB Building Solutions plans 25% growth this year

The former contracting arm of MJ Gleeson has unveiled an ambitious three-year growth plan as it announced it is finally dropping the Gleeson name.

GB Building Solutions

Gleeson Building, formed after a buyout from its troubled parent in 2005, is rebranding as GB Building Solutions.

Martin Smout, the chief executive who led the buyout, said it had made a £908,000 pre-tax profit for the year ended 31 June 2007, an eight-fold increase on the figures for the previous period. Turnover was £177.5m.

Smout said it aimed for a further 25% growth this year, forecasting a £1.4m profit on a turnover of £225m. The company then aims for a further 15% growth each year for the next two years, reaching a £7.3m profit in 2010 on a £300m turnover.

Smout said that it wanted to drop the Gleeson name rather than wait for the expiry of the licence for its use this summer. MJ Gleeson will retain a 20% stake in the company.