Caddick hails firm’s strength as profits rise to £7.96m

Caddick Developments to transform the six-acre Quarry Hill site in central Leeds.

The boss of family-run construction business Caddick Group has said the collapse of Carillion it has shown his firm has “a unique strength in the market place” as it reported profits of £7.96m.

Paul Caddick, chairman of the group, said that his firm was well-placed to expand its presence across the country after it reported a rise in turnover, with revenues rising 2.5 per cent to £152.4m for the year ended August 31, 2017.

Paul Caddick of Caddick Developments

The group continues to increase activities in the residential and build-to-rent sector through subsidiary company Moda.

Backed by Apache Capital Partners, Moda has a £2bn pipeline of 6,750 rent-only apartments in high profile city centre sites across the UK including Glasgow, Liverpool, Leeds, Manchester, Birmingham and Edinburgh.

The group’s activity in the industrial and logistics sector also continues to grow, with the completion of phase one of its £100m prime distribution and logistics scheme near Wakefield, called Crosspoint33, let to TJX, parent company of TK Maxx, and forward sold to Tritax.

In 2017 Caddick also received planning approval to redevelop the historic, 6-acre Quarry Hill site in Leeds.

Relaunching the area last September under the name SOYO, the £300m masterplan will create hundreds of new homes, leisure and hotel space with high quality public realm. Working alongside the existing cultural organisations in the area, SOYO will provide one the very best places to live, work, play and be entertained in Leeds.

The group’s construction and civil engineering division saw a jump in activity during the year, with Caddick Construction posting a rise of 20 per cent to £98m and civil engineering activity rising 9 per cent.

Mr Caddick said: “I am pleased to report that the core group businesses have all continued to be profitable during the year. The profitability for the year has continued to strengthen the balance sheet and we continue to reinvest this in bold new projects. As demonstrated by the Carillion crisis, the full spectrum offering of the Group gives us a unique strength in the marketplace, as does a strong relationship with the supply chain, while the addition of the strategic land arm gives us whole lifecycle capabilities and will enable us to further extend our presence across the country.”

Date: 11th November 2017. Picture James Hardisty. Demolition work being carried out at Headingley Stadium, Leeds. Pictured Steve Pitts, Project Manager for Caddick Construction Ltd, and a Castleford Tigers fan.

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