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Tuesday, May 28, 2024
PropertyManchester construction firm defies the odds and predicts growth post-COVID

Manchester construction firm defies the odds and predicts growth post-COVID

Manchester construction and engineering firm, Gallaway Construction, is expanding its team and setting its sights on growth, after experiencing increased demand during the coronavirus lockdown.

The business, based in Carrington, works in one of the few industries that could continue operating in lockdown and expects demand for its services to grow further over the coming months.

In preparation for delivering an increased number of projects, Gallaway Construction has secured a £235,000 Coronavirus Business Interruption Loan Scheme (CBILS) loan from NatWest to hire two new members of staff, and to target marketing and the business development of new clients in alternative sectors.

The company will employee a new quantity surveyor and additional estimator, increasing its headcount to 15.

The CBILS funding will also be used to further strengthen the business’s cashflow. Despite increased demand for services, financial pressures and delayed payments within the construction supply chain means businesses like Gallaway Construction need healthy working capital to weather any potential payment issues.

The company, whose clients include Laing O’Rourke, Skanska, Balfour Beatty and United Utilities, hopes to benefit from the government’s multi-billion-pound investment in infrastructure projects in the UK, which includes increased spending on hospitals, schools and roads.

Ian Preston, Managing Director of Gallaway Construction, said: “We’ve done really well over the past four months despite the challenging climate but what’s more encouraging is that we’ve got a healthy pipeline of work for the coming months, and we need to grow the team to deliver it.

“Having said that, we also need to be mindful that the impact of COVID-19 could be long-lasting, and our supply chain may be inadvertently affected, so it’s important we are in a strong cash position to focus on continued expansion. Access to the CBILS funding through NatWest has been great in allowing us to realise our growth ambitions.”

Hilton Smythe Finance Ltd introduced Ian to Janet Watson, NatWest Broker Development Manager and Rob Dearsley, NatWest Relationship Manager who secured the funding package.

Rob said: “It’s been a tough year for businesses so it’s really encouraging to hear that companies like Gallaway Construction are performing well and expanding. Its growth is a testament to the team’s work ethic and it’s great that we can support them as they expand their client base.”

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