10th Jun 2016 07:13
LONDON (Alliance News) - Styles & Wood Group PLC Friday said it has secured a clutch of contracts across the commercial office, healthcare and hospitality sectors worth a total of GBP23.0 million as the company continues to strengthen its market position in key growth sectors.
"The strength of our design and build offer, and in particular our team's track record of delivering projects on time and on budget across a range of sectors, has seen us appointed to a number of high-profile developments across the UK," said Chief Executive Tony Lenehan.
The six projects will lead Styles & Wood, which offers property support services, to work across more than 127,000 square feet of commercial office space in Greater Manchester and London.
Within the commercial sector, Styles & Wood has secured a GBP6.2 million contract covering the commercial fit-out of One St Peter's Square in Manchester, which is around 56,000 square feet in size.
The company will also fit-out the 45,000 square foot office building Dakota House within Concord Business Park in Wythenshawe under a GBP3.0 million contract.
Styles & Wood will also be refurbishing Irongate House, a 26,000 square foot office building in the City of London, the individual value of which was not revealed.
The other contracts that have been secured are outside of the commercial office sector and includes a GBP3.0 million fit-out and refurbishment of a treatment clinic in Manchester on behalf of CARE Fertility, a fertility healthcare provider.
"This is a further endorsement of our diversification strategy, which continues to bear fruit and is enabling the business to support clients across industries as diverse as healthcare and hospitality," said Lenehan.
Styles & Wood will also deliver a full internal strip-out and refurbishment of five-storey building on Dale Street, Manchester, which is grade II-listed. That will create a hotel with 115 bedrooms, it said.
The last contract is in Liverpool, where the company will strip-out and refurbish a vacant six-storey site on Castle Street, which will also lead to a 70-room hotel being created.
"While we are continuing to win work and expand our portfolio in a variety of markets, the commercial fit-out sector also remains an important source of work for the business. The Manchester market in particular has witnessed a surge in activity in recent months, and as demand for premium space remains high, particularly across the North West, we are expecting this is trend to continue," said Lenehan.
Styles & Wood shares were up 5.7% to 415.0 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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