Contractor Forrest has concluded a refinancing package that will support the business in delivering a strong £600m order book. The package includes new shareholder equity funding and a new revolving credit facility. The Greater Manchester Combined Authority enters as a new lender to the Group replacing the Royal Bank of Scotland plc. Palatine Private Equity remains as majority shareholder with Lloyds Development Capital and Management.
Bob Holt, Chairman at Forrest stated “The new funding deal provides a strong financial platform that will enable Forrest to deliver growth over the next few years, whilst maintaining the Company ethos of providing personalised, customer focussed services. The Board thanks our clients and supply chain for their continued support during the refinancing process”.
The Company is also announcing the departure of CEO, Lee McCarren, who leaves the business by mutual agreement.
Bob Holt stated, “Since Lee joined the business in 2009 he has led the transformation of the business into a multi-disciplinary contractor. The Board thank him for his considerable contribution and effort over the years and wish him every success for the future”.
Lee McCarren stated “I have had a great time leading the Forrest business and working with its great book of customers but believe that now is the perfect time, in view of the new investment, for me to depart and go onto a new challenge. I wish the business great success going forward.”
Forrest’s core market has historically sat in the refurbishment of social housing and local authority housing however, in more recent years, the revenue mix has shifted with significant growth in new build construction. Earlier this month, Forrest announced 30 job losses as part of a restructure to reflect this change and diversification of revenue.