Three Major Project Wins - 22/08/08
The contracts, with a total value of approximately £220 million, were awarded following a competitive tender and approved by the Learning and Skills Council which is providing the funding for the projects. The contract awards cover the major works at the following colleges:
* £90 million reconfiguration of East Berkshire College's Langley Campus
* £60 million redevelopment of Luton Sixth Form College's Bradgers Hill Road Campus
* £70 million redevelopment of Havering Sixth Form College's entire estate
The successful tender for these projects follows the appointment in 2006 of the Group's subsidiary company, Boxall Sayer, for the £101 million redevelopment of Oaklands College, St Albans, which is the largest funding approved by the Learning and Skills Council to date.
Clive Sayer, the Chief Executive, commented:
'This is a great start to Baqus's life as an AIM listed company. The three project tender wins were, without doubt, aided by the work that Baqus has already completed on the £101 million redevelopment of Oaklands College, St Albans.
Looking to the future, Baqus's increased geographical spread, together with our strategy for expansion, should lead to more successful tender wins in this and other sectors.'
Contact: Baqus Group plc
Clive Sayer (Chief Executive) 07967 132 221
Patrick Lineen (Finance Director) 07818 034 452
Seymour Pierce (Nominated Adviser and Broker)
Mark Percy 020 7107 8000
Cubitt Consulting (Financial Public Relations Advisers)
Brian Coleman-Smith / James Verstringhe 020 7367 5100
Background Note:
Baqus was admitted to trading on AIM on the 14 December 2007, having raised £1.75 million through a placing of 17,500,000 Ordinary Shares.
The Group has been established to create a national building consultancy and quantity surveying group offering construction cost consultancy, project management and building surveying services across a number of business sectors including: residential, health, education, commercial, leisure, social housing, local authority and government sectors.
Baqus currently comprises three established building and quantity surveying consultancies: Boxall Sayer, Denley King and Fletcher McNeil. The combined Group covers a broad geographical area with offices located in Cantebury, Chichester, Lichfield, Liverpool, London, Manchester, Oxford, Poole, St Albans andWinchester.
The Quantity Surveying Market, which is highly fragmented, is estimated to be worth £1.3 billion and is dominated by a small number of major players. Baqus' Directors believe the market is ripe for consolidation and intend to pursue a strategy of acquiring small to medium sized Quantity Surveying practices across the country. Once acquired, the practices will be developed to produce strong organic growth, whilst capitalising on opportunities for synergies with the rest of the Group.
Three Major Project Wins
