With the fallout from ISG’s collapse still reverberating, Caddick Construction is stepping up to support those affected, showcasing resilience and adaptability amidst industry challenges.
- The recent collapse of ISG continues to have significant impacts on the industry, with Caddick Construction actively working to mitigate these effects.
- Caddick Construction has responded by releasing retentions early to subcontractors and welcoming former ISG employees, demonstrating strong support for its supply chain.
- The company has reported a remarkable recovery and growth in its financial performance, focusing on key elements such as customer selection and disciplined contract management.
- A strategic shift towards public sector projects and housing initiatives further highlights Caddick’s forward-thinking approach, aimed at leveraging government infrastructure plans.
In the wake of ISG’s collapse, Caddick Construction Managing Director Paul Dodsworth has expressed optimism for positive outcomes despite the significant disruption caused. This downturn affected jobs, retentions, and created uncertainty across the industry. Utilizing social media to reach out to its supply chain, Caddick received a substantial response, reflecting its proactive stance during tough times.
Following the collapse, Caddick took concrete steps to assist affected subcontractors by releasing retentions early. Additionally, they absorbed over a dozen former ISG employees, filling recruitment needs and gaining experienced personnel, which aligns with their growth strategy. Dodsworth’s actions indicate a resolve to turn challenges into opportunities for sustainable development.
Financially, Caddick Construction has shown resilience with a return to pre-tax profitability, reporting £7.4 million in the latest fiscal year as opposed to a loss the prior year. This improvement is attributed to its strategic focus on selecting appropriate projects and partners, which has led to nearly a 40% increase in turnover. Dodsworth’s emphasis on a disciplined approach underscores the company’s robust management practices.
Acknowledging the public sector’s potential, Dodsworth supported a business pivot towards public projects. The government’s infrastructure drive presents new avenues, prompting Caddick to expand its capacity by bidding for public sector frameworks. This strategic direction is set to boost its market presence amidst anticipated policy changes supporting infrastructure growth.
Housing initiatives remain a key area for Caddick, as evidenced by its involvement in the government’s ambitious plan to construct 1.5 million homes. Alongside partnerships in the build-to-rent market via Moda Living, the firm’s expertise in cladding remediation also positions it advantageously. The ongoing remediation of high-rise buildings with unsafe cladding showcases Caddick’s commitment to rigorous safety standards and industry needs. With substantial cladding work pending, opportunities in this domain are expected to grow further.
Caddick Construction navigates industry upheavals with strategic foresight, seizing opportunities amidst challenges to strengthen its future prospects.
