Bank awards £100m contract to Styles & Wood
An undisclosed international bank has appointed Styles & Wood, the Manchester-based commercial fit-out specialist, to a five-year framework expected to generate more than £20m a year in revenue for Styles & Wood.
Styles & Wood is one of four suppliers appointed by “one of the world’s largest banking and financial services organisations” for the delivery of its UK capital plan.
The extra revenue from the framework would add 17% to Styles & Wood’s annual turnover, having produced sales of £115m in 2015. Shares in the company hit a 52-week high of 409p after the stockmarket opened this morning before slipping back slightly to 387p by 9.30am.
Styles & Wood already works for Barclays, TSB Bank and Lloyds Banking Group. The group said in a statement to shareholders on Wednesday: “The client has consolidated its real estate work streams including: data centres, critical facilities, office and retail interests. Styles & Wood anticipates playing an active role in delivering projects and programmes across its comprehensive property portfolio.
“The framework partners will work closely with the client to support the enhancement of its brand and shareholder values through the development of spaces that deliver best-in-class experiences for both external and internal customers.”
Induction is planned to commence in August 2016 with delivery in place by November 2016.
Tony Lenehan, chief executive of Styles & Wood, said: “As new technologies and practices continue to drive fundamental changes within the banking and finance sector, our unique skill set, experience and technical capabilities leave us well positioned to provide the specialist services required by major financial institutions.”
