Current boss takes helm at sister firm Thrive-AI
Modular specialist Reds10 has announced a restructure of its top team with founder and chairman Paul Ruddick back in day-to-day charge.
Current chief executive Matt Bennion, who joined in 2019 and became boss two years later, is being moved to head up sister company Thrive-AI, a smart building technology business.
Reds10, which has been going for nearly 20 years, has a turnover of just over £140m and 400 staff. Within three years, the firm is expecting income to be around £300m.
As part of the changes, Phil Cook, Joe Shepherd and Ryan Geldard will lead the firm’s strategy across defence, public sector and offsite manufacture, with Scott Laird handed a newly created role of AI and technical director.
Reds10 said the shake up aims to embed AI in its businesses, with the group also targeting an expansion into the healthcare sector.
The firm said Bennion will focus on growing Thrive-AI, which uses machine learning to help clients operate their buildings more efficiently.
Ruddick said the firm was “moving to the next phase of our strategy focused on advancing technologies to fully industrialise our design, production and construction processes and integrate AI across the business”.
In its last set of accounts, income at Reds10 jumped 70% to £143m with pre-tax profit up 37% to £7m.
The firm designs and builds sustainable buildings for the public sector, with a particular focus on defence, education, health, justice, accommodation and social housing.
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