Construction firm secures £80m bank funding

Turner & Townsend has secured funding from three major banks.

The global programme management and construction consultancy has agreed a £80m finance package from Lloyds Bank Commercial Banking, HSBC and Royal Bank of Scotland.

The three banks will each provide Turner & Townsend with £26.67m through a five-year revolving credit facility.

The funding will allow it to expand geographically and invest in new services and capabilities.

Vincent Clancy, Chief Executive Officer at Turner & Townsend, said:

“Our sustained turnover growth in the last five years is an endorsement of the consistent investment we’ve made in the company.

“Our extended banking arrangements, coupled with our switch to a limited liability partnership, allows us to invest in our capability and to continue to transform our business to deliver better results for our clients.”

Dan Howlett, Head of Corporates at HSBC UK, said:

“The HSBC team, led by Peter Helliwell and Tony Dean, is pleased to have worked with Turner & Townsend on its recent re-financing.

“The business has a truly global footprint, aligned to HSBC’s, and we look forward to working with Vincent and his team in the coming years as the business looks to continue its impressive growth trajectory.”

Richard Townsend, Relationship Director at Lloyds Bank Commercial Banking, said:

“The impressive growth of Turner & Townsend, with turnover up by 75% since 2010, is a testament to the ability of the ambitious and experienced management team which has a combined 125 years of service with the company.

“The strategic direction of the business, and diversity of its global reach and service proposition, means it is ideally positioned to make the most of the flourishing construction market, in which demand for expert consultancy is soaring.

“Lloyds Bank is committed to supporting Turner & Townsend through its next stage of growth.”

Turner & Townsend, which is headquartered in the UK and works in the property, infrastructure and natural resources sectors across 130 countries, has 4,300 employees and most recently recorded a turnover of £380m. It also recently converted to a limited liability partnership.