Consultant set to see turnover grow to 拢600m within five years, Richard Steer predicts

Gleeds has said it plans to use proceeds from its biggest ever external cash injection on developing new sectors and branching out more overseas.

The firm, which is celebrating its 150th anniversary next month with an event at Westminster Abbey, inked a refinancing deal with HSBC at the end of July believed to be worth around 拢50m.

At the time it said the move would allow Gleeds to target new markets and grow its business in existing regions such as South America, with the firm looking to double revenue to 拢600m and employees to 6,000 within five years.

Richard Steer - Chair Gleeds Worldwide

Richard Steer said the firm is looking to double revenue to 拢600m within five years

Richard Steer, chair of Gleeds Worldwide, said: 鈥淸The HSBC deal] is important because in the past we have been funding expansion by internal investment and that can only take you a certain distance. The refinancing ensures we are well-capitalised and resilient for the future. It gives us flexibility and headroom to invest in growth areas.鈥�

He added: 鈥淭he facilities will be used both for growth in existing markets and new. We do not discuss new markets until we are ready to be operationally active in them but new projects will be varied, with infrastructure and data centres being highly likely areas for new business development.

鈥淏ecause these sectors will continue to be invested in by corporations and governments, this provides sustainable opportunities for us.鈥�

Gleeds currently has around 3,000 employees across 78 offices in 28 countries and Steer he expected to oversee more office openings across the world: 鈥淭his new investment shows that we are serious in our growth plans, hiring more people, opening new offices and developing existing territories like the US, EMEA and South America.鈥�

Steer, who has been at the firm more than 40 years, added that the HSBC deal underlined the firm鈥檚 commitment to remain independent with several other consultants, including Turner & Townsend and Mace鈥檚 consulting arm, falling to US suitors in the past few years.

鈥淚t is no secret that I get serious and numerous approaches all the time and one can never say never and that a suitor may prove attractive in the future,鈥� he said. 鈥淏ut it is not on our radar currently. I am still personally invested in Gleeds both professionally and emotionally.鈥�

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