Laing O'Rourke inks UK business refinance deal to 2022
CEO Ray O'Rourke calls on government to simplify complicated regulatory processes
UK construction contractor Laing O’Rourke announced it has agreed refinancing terms for its business for the next three years.
Laing O’Rourke’s financial partners will, as part of the 2019 refinance of the UK business, deliver new banking facilities for the contractor until 2022.
Arrangements for the deal were agreed over the Christmas period and are currently being reviewed for final credit approval protocols and documentation by each lender.
The company said the refinance development comes after a “successful turnaround”, and follows the refinance of its Australian business in mid-2018. In a statement, Laing O’Rourke added that it is now finalising its 2018-end accounts.
Commenting on the development, Laing O’Rourke’s chief executive officer, Ray O’Rourke, said the agreements reflect “an enormous amount of work” by his team and the firm’s financial partners.
O’Rourke also called for improvements to the UK’s existing framework for financial processes, urging the government and related bodies to “support the modernisation and reform of the industry”.
“As noted in October , and well-publicised across the sector since, financing and regulatory processes in UK construction are not simple for any business at present,” the Laing O’Rourke boss continued.
“The entire sector has been impacted. This remains an issue of critical national importance and concern for 2019.
“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.”