A city-focused construction company has generated a £60 million pipeline in its first year of operation.
Colmore Tang Construction (CTC) launched in November 2013 and is the developer of the Park Regis Hotel scheme at Five Ways, owned by Seven Capital.
Founded by managing director Andy Robinson, CTC was created to support Seven’s ambitious growth strategy to build more than 1,000 private residential units a year for the next five years.
Mr Robinson said: “CTC was really born out of necessity to allow Seven Capital to deliver its fast-growing expansion programme, by working alongside a contractor that has the specialist skills and knowledge to achieve results in a timely and costly manor.
“We believe in working in close partnership with our clients to drive down costs whilst having the highest regards for quality and functionality, as we understand the demands of the building owner and the operator or tenant, as well as the contractor.
“We are extremely pleased to be in a position to have a pipeline of over £60 million worth of business in our first year of trading.
“It gives us great confidence in the future of CTC and the projects we are working on.
“Having worked with Seven Capital for a number of years to lead the company’s expansion programme, we were finding it difficult to find contractors who truly understood the challenges of converting large existing buildings.”
Current projects CTC are working on include the £25 million development of the UK’s first Park Regis hotel off Broad Street, which is set to open early 2016.
The former 1960s 12-storey Auchinleck House office block is being converted from derelict offices in conjunction with the refurbishment of the Five Ways shopping complex. The 253-bedroom, four-star property will feature a roof-top restaurant and cocktail bar, as well as a lobby restaurant, lounge and bar, a business centre and gym/spa.
Work on the sky bar has already started to take place as steelwork for the cocktail bar and restaurant overlooking the city on the 16th storey was craned into place last month.