London-focused contractor says it has already booked in £74m of turnover for this financial year
London-focused contractor 8build is on track to break £100m turnover this year, despite a dip in market activity in the run-up to the EU referendum.
8build – which specialises in the offices and luxury residential markets and previously posted £70m turnover for the year to March 2016 – said it had already booked in £74m of turnover for this financial year.
Andy Tooley, a director at the firm, said there was a slowdown in the weeks before the Brexit vote due to the “uncertainty of not knowing”.
But he added: “Since the vote the handbrake has come off and we are tendering more projects than ever. Developers are re-gearing their funding and re-engaging with the market.
“Developers are looking to revamp existing office space, and firms such as big corporates are having to make changes to their organisations and this is good for fit-out. What’s bad is when nothing is happening.”
8build has increased its staff numbers by 20 since March, taking its total workforce to over 150.
It has also grown further into the new-build contracting market, which now makes up half of the firm’s workload, alongside its core fit-out business. Its Singapore office is also turning over £10m per year.
The firm’s recent project wins include the restoration and refurbishment of the grade II-listed Battersea Arts Centre’s grand hall, which was ravaged by fire last year. Haworth Tompkins’ designs for the scheme won planning back in May.
Meanwhile, the firm is working on the £27m expansion and refurbishment of the Victoria Palace Theatre in the West End of London, which will re-open next year to host the Broadway smash hit musical Hamilton.
8build is also on King’s Cross (pictured) developer Argent’s fit-out framework, while it is working on several luxury residential projects, including the fit-out of Greater London House in Mornington Crescent for Lazari Investments - founded in the 1970s by Cypriot billionaire Christos Lazari, who died last year, and now run by his family.
Tooley said: “We want measured, risk-free growth as if you grow too quickly, you start dropping balls, which risks the company’s reputation.”
He added that the firm is looking to recruit more graduates and apprentices.