lawtech - Case study
Finance Director to a fast growing niche construction company
Lawtech Group Ltd is a Principal Contractor fulfilling multi-million pound regeneration contracts nationwide across all archetypes, from houses to high-rise towers, civic and commercial spaces.
Their holistic approach to asset management ensures exceptional value for money. Delivered by their in-house team who offer full design and cost solutions to meet requirements, together with professional site management and resident liaison, Lawtech ensure high-quality outcomes.
Lawtech is a modern business with a “green” agenda. Working with Local Authorities, Housing Associations, public bodies and the private sector to improve buildings and neighbourhoods, creating low-carbon communities that all stakeholders can be proud of. Their technical and quality-led approach, commitment to customer care and unrivalled expertise in the energy efficiency sector make Lawtech the preferred choice for clients.
YBP and Lawtech
Lawtech was established in 2004 by two founder shareholder / directors (David Lawrence and Junior Lamont). Between them, they have some 45 years’ experience in concrete repair and external building refurbishment.
Early on in the company’s development they recognised the need for expert financial guidance and so approached YBP for assistance.
Our first remit was to implement financial reporting for the company facilitating an understanding by the directors of the profitability and financial strength of the business. We reviewed, and restructured the banking facilities securing facilities appropriate to the growing business.
Green initiatives introduced by the Government provided huge opportunities for growth in this niche construction area, and Lawtech have been at the forefront of this development. Turnover increased by more than 400% within 2 years, and this had significant repercussions for the finances of the business. YBP were instrumental in guiding the company through this period. A full business plan and budgets were prepared and as a result new facilities were obtained with new bankers keen to support the business. We were involved in negotiating substantial facilities with key suppliers, and also dealing with insurance companies to ensure that credit limits with key suppliers were maintained. A new finance department was been established appropriate to the much larger business, headed by a full time qualified Accountant.
Recent tragic events at Grenfell Towers resulted in turbulent times for the market, but the solid foundations established at Lawtech have ensured their survival and Lawtech has now become the “go to” Contractor for advice and remedial works for Local Authorities and Housing Associations with at risk cladding in place.
Says David Lawrence, Managing Director at Lawtech, “we recognised the significant benefits of YBP’s involvement early on and have formalised this by appointing Leigh Renak to our board of directors. His involvement and hands on advice has been invaluable to delivering our huge growth whilst avoiding the potential pitfalls of possible over-trading. He has been instrumental in creating both the internal and external environment to deliver our strategy smoothly, freeing us up to concentrate on generating new business and delivering the projects.”
For more information on Lawtech, please visit www.lawtechgroup.co.uk