Last Updated 9th December 2020
Headcrown Group
Headown is a privately-owned contractor and development group based in west London. The group’s latest results showed a turnover of around £130 million through three businesses although one of them, Cruden Group, is now in administration.
They are:
– JF Finnegan, a contractor/developer based in Sheffield which operates across the UK.
– Gee Group; a business which includes Advante ,a site accomodation business which has been severely impacted by the pandemic.
– The group’s Cruden Group subsidiary, based in Warrington which operates mainly in the public sector in the North West, went into administration in August 2020. (It not related to the Scotland-based contractor of the same name, Cruden Group.)
The group’s latest results showed it stayed in the red but it believes various structural issues have been addressed and its underlying performance had been strengthened. In the group’s latest annual report published in late March 2020, chairman Carl Brian said that the group’s forward pipeline of business was strong and its current contracts were performing ahead of budget.
Financials
To view the financials for Headcrown Plc., visit Companies House and use Company ID 01455303
Headcrown produced disappointing results in the year to end-September 2019. Turnover across Headcrown rose to £129.5 million, from £109.2 million previously and the group reported an operating loss of £1.9 million, compared to a loss of £158,000 previously. After exceptional items of £923,000, the group was left nursing a pre-tax loss of £2.89 million, compared to a loss of £1.91 million, previously. The group’s gross profit margin dipped to 3.1% from 7.1% previously, although its cash balances rose to £22.4 million from £17.2 million.
JF Finnegan
Finnegan works mainly in the private sector, developing commercial, industrial and mixed-use schemes in its own right or acting as the main contractor for private developers working on projects from £1-50 million. The firm also has a track record in renovating and redeveloping heritage buildings and operates a joinery business.
The firm marked its 70th anniversary by moving to a new hq building in Sheffield and turnover increased significantly during 2017/18. Revenues in the year to March 2020 rose by 15% and its core markets remained ‘reasonably strong’. The company has won a number of new – mainly industrial – large schemes and it continues to have a strong pipline.
J F Finnegan’s recently completed project at Phase 1 at PLP Bessemer Park in Sheffield – a prime industrial site near the M1 involving the construction of two industrial/warehouse units of 45,000 sq ft and 134,000 sq ft, – has recently won an ‘outstanding development of the year’ award.
Meanwhile, the firm has recently reached completion on the University of Sheffield’s new Translational Energy Research Centre.
In summer 2020, Finnegan was appointed to construct four speculative industrial buildings – which are to be subdivided into 13 single storey industrial units – at Trade City Luton for Kier Trade City. The go-ahead followed delays due to Covid.
During summer 2020, Finnegan also won a contract to build two speculative industrial units at Silkwood Business Park in Wakefield for PLP, which together will have a floorspace of some 310,409 sq ft.
Other projects secured by Finnegan over the summer incuded a contract to build a new fire and rescue station in Barnsley for South Yorkshire Fire and Rescue, totalling some 10,225 sq ft.
Gee Group
Advante, a subsidiary of Gee Group, leases site accommodation to third party contractors and other users. It delivered a ‘strong profit’ for the year to March 2020 and action has been taken to make its fleet more resilient. But widespread site closures due to Covid led to a severe drop in demand although the firm believes it is well-placed to ride out the crisis. Having withdrawn from the South East construction market, Gee Construction has effectively been wound down.
Glenigan Data
Glenigan data shows that Finnegan has recently started as main contractor on a £10.2 million industrial/distribution scheme in Luton for Kier Property Development where work is set to continue until summer 2021 (Project ID: 14096811). Finnegan is also working on the £3.2 million Barnsley Fire Station, where work is set continue until late spring 2021 (Project ID: 19357746).
Conclusion: Diversified businesses with solid prospects helped by frameworks
Headcrown has seen some turbulent times in recent years which have continued into 2020 with the entry into administration of Cruden Group, its public sector contracting business. But today, the group’s two relatively independent companies should be well-placed to take advantage of the industry’s recovery. JF Finnegan appears to have a healthy workload with exposure to the growing industrial construction market and some good links with public sector and university clients. Meanwhile, the accomodation business Advante should benefit as construction sites re-open.
How to win work with Headcrown
Headcrown puts a strong emphasis on workplace safety and its long term goal is to have zero RIDDOR accidents on its sites. It endorses the CSCS scheme and is moving towards full accreditation of its staff and sub-contractors. The group’s website includes policy statements on health & safety, competition, corporate responsibility, the environment, equal opportunities, staff, sustainability and quality.
Companies interested in working with the group should Email headcrown@headcrown.co.uk or Tel: 0207 351 4034
For companies interested in working with JF Finnegan
Dawa Singh is Head of Pre-Construction at JF Finnegan in Sheffield
Email info@j-f-finnegan.co.uk
Tel: 0114 2686011