UK-based contractor Laing O’Rourke has agreed terms with its financial partners for the 2019 refinancing of its UK business, which delivers new banking facilities until 2022.
In October 2018, the group said it had completed a successful turnaround, and it completed the refinancing of its Australian business in mid-2018.
The UK arrangements were agreed over the Christmas period, and Laing O’Rourke said they were currently being taken through final credit approval protocols and documentation by each lender organisation.
It added that the company was now finalising its year-end accounts for 2018, and would file these as soon as possible.
Founder and group chief executive Ray O’Rourke said, “These agreements reflect an enormous amount of work by the banks, sureties, advisors and our people.
“Having achieved this important milestone as we enter the new calendar year, I want to take the opportunity to thank our clients and supply chain partners for their support and patience.”
O’Rourke said “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.”
He added, “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 3 million UK jobs it creates.”