Construction consultancy Turner & Townsend has secured £80 million of financing from three major banks to support its global growth strategy.
The three-bank deal is with Lloyds Bank Commercial Banking, HSBC, and Royal Bank of Scotland (RBS). The deal includes Lloyds’ Leeds-based mid-markets and strategic finance teams, and it provides for a five-year revolving credit facility, with each bank providing £26.67 million.
The additional funding provides working capital for Turner & Townsend to expand its geographical footprint and invest in new services and capability.
The management and consultancy services consultancy works across the property, infrastructure and natural resources sectors with operations in 130 countries. Headquartered in the UK and employing 4,300 employees, the company reported turnover of £380 million in its most recent financial figures. It also recently converted to a limited liability partnership.
Vincent Clancy, chief executive 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.”
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.”
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.”
Ronnie Bowron, relationship director at RBS, said: “Royal Bank of Scotland has been the longstanding banking partner for Turner &Townsend and we are delighted to once again support its next phase of growth. The management team at Turner & Townsend have a strong and proven track record, and we wish Turner & Townsend every success for the future.”