Davis, who had already put £3m into BIW in May this year, said he made a further investment because BIW had a "sound business model" and a "strong and focused management team". He added that BIW remained an attractive proposition, despite the prospect of a recession.
Chief executive Colin Smith said the funds would fill the gap between the cost of running BIW and its revenue. "The gap is reducing all the time, but we need the extra investment to get us into profitability."
Smith added that he was confident BIW would survive in a recession. "We have over-delivered on our business plan and our order book is growing by a quarter of a million a month.
In times of recession, companies look for ways to build more cost effectively, and our services are a way they can do that."
Meanwhile, construction manager Mace has signed a deal with portal Asite to offer the option of using the Asite services to all its clients. Mace's current workload is estimated to be worth £500m.
Source
Construction Manager