The Coleman Group, inclusive of NFDC Corporate Member Coleman & Co., the specialist demolition contractor, has announced a business restructuring in response to the impact of the COVID-19 pandemic on the industry.
The review was prompted by significant disruption caused by the lockdown and the cancellation of the Group’s largest single project, the transformation of the Broadmarsh Shopping Centre in Nottingham, as a result of the pandemic.
Other projects which were paused but are now resuming include work at Euston station for HS2, the Coventry Point office block deconstruction, and work for the National Grid.
In response to the downturn, the business will undergo a headcount reduction while still retaining its industry-renowned core capabilities. The changes will put it in the best shape to meet future challenges with a more cost-effective, flexible approach.
A consultation programme on the level of redundancies is currently underway which will determine which roles are at risk, though it is expected that the headcount will reduce by around 50. Where possible this will be achieved through voluntary redundancies.
Group chief executive Mark Coleman said: “It is devastating that good people will be leaving us as a result of this restructure, but like many other businesses in the UK we have faced the most difficult and challenging trading conditions of our lifetimes.
“We foresee our business as operating more efficiently with an annual revenue of £12million-£15 million, compared to the current level of £25 million.
“We see a future where our management expertise remains at the core of our capabilities. By leveraging industry partnerships, we will become more cost-effective and flexible.”
Mr Coleman added: “After 57 years in this business we have a wealth of knowledge, robust client relationships and a strong heritage to draw on. We will emerge from this restructure not just nimbler – and with a more scaleable model – but as leaders in the use of technology and smart partnerships to deliver the most efficient and effective results for our clients”.