Turnover set to hit £12m in fifth year of business
TowerEight is on course to grow almost a quarter and hit £12m turnover, with the project manager considering opening overseas offices for the first time.
The cost and project manager is set to increase revenue 22% in the current financial year to May, up from £9.8m (excluding subconsultant fees) the previous year.
The firm - founded in 2011 by former JLL directors Simon Craven, James Morris, Adam Mursal and Toby Wait - is forecasting a further 17% increase in turnover to £14m next year.
On the back of this growth TowerEight has expanded its presence across the UK and is looking at setting up new office locations outside of London. The firm is also looking to set up offices abroad after some client requests to pick up projects in Europe and the US.
TowerEight grew out of the hospitality and leisure sectors before expanding into the commercial, residential and education sectors, while over the last year it has moved into healthcare.
Morris told Building the firm’s healthcare offering had opened up through its hospitality work, with private hospitals and senior living centres looking to become more “hotel-like”.
TowerEight, which is working on several projects as a cost and project manager for Quintain on its massive 85-acre Wembley scheme, has also seen its staff numbers increase over the year to 89-strong and Morris expects the firm to have increased to 100 employees by the end of the year.
Some of this growth has come from disappointed clients going back to the market for new consultants, he said.
Morris said: “People are looking for good advice and we’re finding that, slightly controversially, one of our big opportunities at the moment is projects that are coming through where existing consultants haven’t performed quite as well as they should of, so we’re being put in to sort out problems and take the projects forward.
“And on the back of projects like that we’ve been able to recruit some fairly important and talented people.”