Subscribe to our Construction Newsfeed
UK Construction Directory
Search our 157,050 companies....

Construction News

08/01/2019

Laing O'Rourke Issues Update On Refinancing

Construction News Image
Laing O'Rourke has agreed a deal to refinance its UK business.

The company's arrangements are now being taken through final credit approval protocols and documentation by each lender organisation.

In a statement, Founder and Group Chief Executive Ray O'Rourke said: "I am delighted to be able to update our stakeholders on the progress of the refinancing exercise. These agreements reflect an enormous amount of work by the banks, sureties, advisors and our people.

"Having achieved this important milestone as we enter the new calendar year, I want to take the opportunity to thank our clients and supply chain partners for their support and patience.
-- Advertisement --
hss



"As noted in October last year, and well publicised across the sector since, financing and regulatory processes in UK construction are not simple for any business at present. The entire sector has been impacted. This remains an issue of critical national importance and concern for 2019.

"For its part – Laing O'Rourke will be driving new levels of productivity through innovation, offsite manufacturing, data analysis and modern procurement practices; initiatives we believe will lead the way to a more sustainable UK construction sector.

"We urge Government and other bodies to support the modernisation and reform of the industry and the three million UK jobs it creates.

"Today's announcement that financial heads of terms have been reached is a tribute to our loyal employees, without whom we could not have delivered the ground-breaking achievements of recent years."

Laing O'Rourke is now finalising its FY18 year-end accounts and will file these at Companies House soon.

(CM/MH)

Latest Construction News

16/04/2025
Pennyfarthing Homes has officially broken ground at Danes Park in New Milton, launching construction on a significant new residential development that will deliver 164 homes. To mark the milestone, directors from Pennyfarthing Homes welcomed Councillor Steve Davies, Portfolio Holder for Housing and
16/04/2025
GMI Construction Group is celebrating the official opening of Dakota Newcastle, the North East's first Dakota Hotel, situated on Newcastle's Quayside. The 118-room luxury boutique hotel, located at St Anne's Wharf, has welcomed its first guests and is poised to become a major addition to the region
16/04/2025
Gleeds has been named project manager for the billion-pound redevelopment of Airedale General Hospital in Keighley, West Yorkshire on behalf of Airedale NHS Foundation Trust. The award-winning trust employs over 3,000 people and provides acute, elective, specialist and community care for a populat
16/04/2025
Morgan Sindall Construction has marked the official opening of a new Special Educational Needs and Disabilities (SEND) teaching block and a specialist hydrotherapy pool at Philip Southcote School in Addlestone, in a celebration attended by students, families and local officials. The event brought t
16/04/2025
Bedford Borough Council has successfully completed a footpath refurbishment programme across several of its parks and open spaces. The initiative, funded by the UK Shared Prosperity Fund (UKSPF), targeted key parks across the borough following a detailed review that identified areas in need of repa
16/04/2025
Wates Fit Out has announced the appointment of Phoebe Wood as Senior Business Development Manager, where she will lead the team's business development efforts and support the growth of new opportunities across the commercial fit-out sector. With close to three years of experience in the built envir
16/04/2025
United Living has announced the appointment of Claire Kershaw as Chief Executive Officer of United Living Property Services. With over two decades of experience in the social housing sector, Claire brings a wealth of knowledge in property maintenance, refurbishment, and regeneration. Her career inc
16/04/2025
Sempra Homes, the housing subsidiary of Basildon Council, is preparing to launch its latest 100% affordable housing development at Bowers Close on London Road in Pitsea, Essex. The new development will deliver 31 high-quality homes aimed at increasing access to affordable housing for local residen
15/04/2025
Costain, working as part of the SMP Alliance, has completed the construction of 41 new emergency areas on the M1 motorway between junctions 28 and 35A, delivering the project ahead of schedule. The newly installed emergency areas span a 32-mile stretch of motorway running from Derbyshire to South Y
15/04/2025
Great Places Housing Group has formally submitted plans for the first development to come forward under the newly approved masterplan for the regeneration of the Grey Mare Lane neighbourhood in east Manchester. The proposal outlines a new affordable housing scheme comprising 82 apartments for socia
Aqua Direct LtdT & D Glazing And Installation LimitedLakeside HireEfco UK LtdStuart CanvasBRICOFLOR UKRhino Steel Cladding LimitedSpeedy Street Solutions LtdGSS Flooring LtdSysdex