The Founder of Laing O'Rourke has called for government assistance
Laing O'Rourke announced today that it has made progress to refinance the UK branch of their company. This follows on from the successful refinance of their Australian branch in mid-2018. It noted that it was going through the final credit approval protocols and documentation by each lender organisation.
Ray O’Rourke, Founder and Group Chief Executive, 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.”
O’Rourke founded the company in 1978, and to date it is the largest privately owned construction company in the UK. The company has been affected by the turbulence of the construction sector, and has sought to reevaluate its lenders and financiers.
“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.”
O’Rourke went on to thank his clients and supply chain partners.
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“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.”
O’Rourke concluded by thanking his 15,270 employees, for their determination and patience.
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