A Birmingham civil engineering company has reported an increase in turnover to £10.8 million following a management buyout in May this year.
Aston-based Fitzgerald, which was founded in 1948, was acquired from one of the world’s largest construction businesses, Bouygues Bâtiment International, by managing director Nick Coley.
The firm said it had returned to profit and turnover has increased by 13 per cent since the MBO.
Its balance sheet is strong with positive bank balances and no borrowings, it said.
Mr Coley, managing director and principle shareholder, said: “The response to the buyout from our staff, our supply chain and our clients has been fantastic, it is encouraging to see this support translating into the results in our first six months and crucially into an excellent forward order book and pipeline.”
The company has seen a resurgence in work for local authorities with Fitzgerald Contractors securing city centre regeneration contracts with Sandwell, Dudley and Wolverhampton councils with a combined turnover in excess of £3 million.
A successful six months in the retail sector saw Fitzgerald appointed to deliver the highways works for the new Sainsbury’s store in Wolverhampton and new Asda stores in Leeds, Sheffield and Manchester.
Other significant awards include the reconfiguration of the Telford Box Road totalling £4 million and a new traveller site for Solihull Borough Council for £1 million.
