Firm reorganising into three business units with deal for Consult expected to wrap up by end of year
Mace is restructuring its construction arm in the wake of the firm’s sale of its consulting business to Goldman Sachs.
Building understands more than £100m from the proceeds of the sale, announced in July, will be pumped into the construction division which is expected to post a turnover of around £2.2bn this year.
The firm picked up several high-profile jobs over the summer including the scheme to redevelop the British Library as well as towers at 85 Gracechurch Street and the Edge Liverpool Street scheme.
Now the firm has said that from January next year, the business will be rejigged into three divisions – commercial, infrastructure and public, science and technology.
The three units will be led by existing managing directors Ged Simmonds, Nigel Cole and Rob Lemming respectively.
Mace said its fit out business is being merged into commercial with its boss Stewart Ward, who joined seven years ago from Overbury, set to leave. Mace chief executive Jason Millett said: “We extend our thanks to Stewart for his contribution and commitment during his time at Mace and we wish him success in his future endeavours.”
The firm added that Alister Grey will continue to pursue data centre opportunities in the UK and Ireland within the new public sector, science and technology business.
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Millett added: “Mace Construct is focused on remaining one of the UK’s leading contractors, and following a considered process of review we are moving to a new operating model that will allow us to focus more on what we do best – contracting, construction management and specialist services.”
He added the firm was set to increase turnover and profit this year after seeing its bottom line hit by a problem job – believed to be a data centre in Europe – which saw pre-tax profit fall from £79m to £15.7m. Turnover rose a quarter to £2.1bn.
Mace is expecting the sale of its consult business to be wrapped up by the end of the year. No financial details have been given but the price tag for the US bank’s 75% stake is believed to be around $1bn (£740m).
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