Firm saw 2017 income crash by half
Mace has rejigged its fit-out business swapping the previous Como name for Mace Interiors and moving it into a new business unit.
The business is being headed up by former Overbury commercial manager Stewart Ward who left the Morgan Sindall-owned business in the summer after 15 years.
Mace said the rebranding was designed “to reflect closer association with the Mace Group”.
Mace said it wants to see income at the business over the coming year head back north and its deputy chief operating officer Mark Castle said: “The next 12 months will mark a key phase of growth for Mace Interiors.”
According to its last set of results filed at Companies House, Como’s turnover crashed by more than half in the year to December 2017, falling from £141m to £69m. Margins slumped from 4.1% to 2.1%.
The firm, which during the period completed work fitting out tech firm Adobe’s offices at the White Collar Factory at Old Street in east London, admitted the year was “challenging” with pre-tax profit nosediving from £3.7m to just £23,000. According to the accounts, the firm had just over 100 staff at the end of last year.
In a note accompanying the accounts, Como said it was working in-house on major schemes which “are providing the group with significant opportunities in the market place” – although the firm is not carrying out work on Mace’s late-running Spurs stadium scheme.
Como has been moved into the firm’s commercial and fit-out unit which is headed by Ged Simmonds with Ward now reporting to him.
Como was launched in 2003 by current Mace board director Lee Penlington, the firm’s group commercial director, and carries out work ranging from £50,000 to over £100m.