Coleman Group announce restructuring plans
One of the UK’s leading demolition specialists to restructure operations following economic impact of COVID-19
THE Coleman Group have announced a major restructuring programme due to the economic effects of the COVID-19 pandemic. The Group said the decision to restructure the business was prompted by the current challenging market environment and the significant disruption to its operations, particularly the cancellation of the company’s largest single project - the transformation of Broadmarsh Shopping Centre in Nottingham.
At the time of writing other schemes on hold but not cancelled include: London Euston Station redevelopment for HS2; Coventry Point office block deconstruction; and work for the National Grid.
A consultation programme on the level of redundancies is currently underway to determine which roles are at risk. Where possible; headcount reduction will be achieved through voluntary redundancies.
Mark Coleman, chief executive officer of Coleman Group, said: ‘It is devastating that good people will be leaving us as a result of this restructure but, like many other businesses in the UK, we are facing the most difficult and challenging trading conditions of our lifetimes.
‘We foresee our business as operating more efficiently with an annual revenue between £12–£15 million, compared to the current level of £25 million. We see a future where our management expertise remains at the core of our capabilities. By leveraging industry partnerships, we will become more cost-effective and flexible.’
Mr Coleman added: ‘After 57 years in this business, we have a wealth of knowledge, robust client relationships and a strong heritage to draw on. We will emerge from this restructure not just nimbler – and with a more scalable model – but as leaders in the use of technology and smart partnerships to deliver the most efficient and effective results for our clients.’