Laing O’Rourke has completed the streamlining of its corporate structure to create a single, consolidated UK business group under Laing O’Rourke Holdings Limited and to reduce the number of legal entities within the UK group.
Given the many challenges faced by companies in the sector, as well as the current uncertainty around the economy and rising costs, the company is making changes and improvements to meet these challenges and move forward in the best way. possible.
Laing O’Rourke says the changes create a new long-term structure for the company’s European hub, reducing administrative costs and improving financial reporting to stakeholders.
The consolidated UK business group will consist of five operating entities:
Delivery to Laing O’Rourke: which will combine building and infrastructure trading activities;
Explore Engineering 2050: composed of Expanded, the specialist civil works and structures business, and Crown House Technologies, the specialist MEP business;
Explore Manufacturing 2050: which will include Laing O’Rourke’s two UK manufacturing plants – Explore Manufacturing in Nottinghamshire and Cht Manufacturing in the West Midlands – as well as geotechnical firm Expanded Piling and specialist stone contractor Vetter;
Select Factory Location: remains a stand-alone commercial enterprise for cranes, plant and equipment;
Laing O’Rourke Services: composed of employment entities, as well as companies specializing in digital design and recruitment.
Seamus French, Managing Director and CEO Designate of Hub Europe, said: “This much simpler corporate structure is a positive development for the business and all of our stakeholders. The restructuring will simplify our financial reporting process and ensure that we can manage our corporate structure more efficiently, allowing management to focus their time on managing key business companies that will drive business growth.
Madeleina Loughrey-Grant, Group General Counsel and Chair of the Group Sustainability Steering Committee, added: “These structural changes represent another step in our governance journey, simplifying compliance and governance and further streamlining our corporate governance. company and our ESG reports.
The company says the changes do not affect the management teams of any of Laing O’Rourke’s specialist business units and will not affect the delivery of ongoing projects. The firm has informed major clients of the streamlined structure and is engaging with counterparties to a small portfolio of contracts that are expected to be transferred to different trading entities.