Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Forrest CEO departs following refinancing deal

Forrest chief executive Lee McCarren has left the Bolton-based company after it agreed a refinancing package.

The social housing, residential and energy contractor announced it had completed a refinancing package to help it deliver its £600m order book, including new shareholder equity funding and a revolving credit facility.

Greater Manchester Combined Authority replaces Royal Bank of Scotland as a lender to the group, while Palatine Private Equity remains a majority shareholder alongside Lloyds Development Capital and Management.

Mr McCarren leaves the business by mutual agreement after eight years at the helm.

Chairman Bob Holt said: “Since Lee joined in 2009 he has led the transformation of the business into a multi-disciplinary contractor.

“The board thanks him for his considerable contribution and effort over the years and wishes him every success for the future.”

Mr McCarren said: “I have had a great time leading the Forrest business and working with its great book of customers but believe that now is the perfect time, in view of the new investment, for me to depart and go onto a new challenge. I wish the business great success going forward.”

Forrest has continued to shift its market focus away from social and local authority housing contracts, branching out in recent years into new-build projects, particularly residential.

Contract wins in the past 12 months include a £20m PRS scheme for client X1 in Salford Quays, and a place on the University of Manchester’s £175m construction framework.

The contractor announced in February it would make 30 staff redundant as part of a restructuring programme.

It had a winding-up petition placed against it in June last year, but this was dismissed later the same month.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.