08 January 2019
Update on Laing O'Rourke refinance
Laing O'Rourke can confirm it has agreed terms with its financial partners for the 2019 refinance of the UK business, which delivers new banking facilities until 2022.
As outlined in October
2018, the Group has completed a successful turnaround, and previously completed
the refinance of its Australian business in mid-2018.
The UK arrangements
were agreed over the Christmas period, and are currently in the process of
being taken through final credit approval protocols and documentation by each lender
Laing O’Rourke is
now finalising its FY18 year-end accounts and will file these at Companies
House as soon as possible.
Founder and Group
Chief Executive Ray O’Rourke said:
“I am delighted to
be able to update our stakeholders on the progress of the refinancing exercise.
These agreements reflect an enormous amount of work by the banks, sureties, advisors
and our people.
this important milestone as we enter the new calendar year, I want to take the
opportunity to thank our clients and supply chain partners for their support
“As noted in
October last year, and well publicised across the sector since, financing and
regulatory processes in UK construction are not simple for any business at
present. 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.
Government and other bodies to support the modernisation and reform of the industry
and the three million UK jobs it creates.
announcement that financial heads of terms have been reached is a tribute to
our loyal employees, without whom we could not have delivered the ground-breaking
achievements of recent years.”
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