old but still significant...2 Apr 2010 09:34
[from Construction News]
Eight fit-out firms have secured a place on Lloyds TSB’s hotly-contested new £360 million, two-year construction framework.
CN can reveal ISG Cathedral, Styles & Wood, Wates Retail and Havelock have been awarded the four national places on the bank’s new framework, which will cover four regions in the UK and Ireland and be worth £180m per year.
Morgan Sindall-owned Vivid Interiors, Morris and Spottiswood, Killby & Gayford and Edinburgh-based George Sharkey are also understood to have also been appointed, but to cover individual smaller regional areas.
It is understood as many as 40 contractors submitted bids for the prestigious new retail banking deal. One source said the contract was seen by many fit-out firms as “a critical slice of work to secure”.
Another added: “This is a very important framework for the sector at the moment. We are very keen to build a long-term relationship with this client.”
Under the framework, it is expected jobs worth more than £2m will be tendered among the successful contractors, while all jobs under £2m will be allocated by the banking group.
Work is expected to predominantly include refurbishment projects and cover both offices and high street branches.
Following the acquisition of HBOS by Lloyds TSB in late 2008, the bank increased its level of building works, with a string of sites requiring rebranding.
In Morgan Sindall’s 2009 accounts, released last month, the company said it would be focusing on boosting its workload from the retail banking sector.
Executive chairman John Morgan said: “[Our fit-out division] is well positioned to respond to signs of improved
demand for major projects in the commercial office market, especially demand from the financial services sector, and will focus on growing its share of retail banking.”
Styles & Wood - which was appointed to rebrand 13 high street branches of Lloyds TSB in 2009 - said in a recent trading update that it had a “strategic focus” on winning work with the retail banks.