Coleman Group to make nearly 50% of workforce redundant
Specialist demolition contractor Coleman Group is to make around 50 members of its work force redundant after “significant” disruption caused by the coronavirus lockdown and the cancellation of its single largest project prompted a restructuring.
The transformation of the Broadmarsh shopping centre in Nottingham – Coleman’s biggest job – was cancelled while projects at Euston station for HS2, the Coventry Point office block deconstruction, and work for the National Grid were all paused before restarting.
The company said a reduction in headcount by around 50 people, down from its current level of 110, would “put it in the best shape to meet future challenges, with a more cost-effective, flexible approach”. The company hopes to achieve the reduction through voluntary redundancies wherever possible.
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 £12m-£15m, compared to the current level of £25m.
“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.”
He 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.”