Ex-Bam Construct managing director Richard Bailey has been unveiled as Hydrock’s new chairman, CN can reveal.
Mr Bailey, who left Bam in 2016 after a 39-year career with the company, has been brought in by the consultant as non-executive chairman to help drive its growth plans.
He served as managing director at Bam from 2010 until his departure in 2016.
Mr Bailey’s appointment coincides with a capital investment in Hydrock by the Business Growth Fund, which will now take a minority stake in the company.
As part of the deal, BGF’s Paul Oldham will join the firm as a non-executive director.
The Business Growth Fund was founded by Barclays, HSBC Lloyds Bank, RBS and Standard Chartered in 2011 to provide investment for SMEs looking to grow.
Other construction firms in which the BGF has invested include engineer RSK and contractor Styles & Wood.
In March this year, Hydrock’s remediation business QDS contracting was placed into administration as part of the company’s move away from contracting work.
QDS was bought out of administration by Bristol-based contractor Vertase FLI.
Mr Bailey is also currently a non-executive director at Stepnell after taking on the role in May.
Hydrock’s chief executive Brian McConnell said: “We are delighted to have attracted Richard to our business.
“With his track record in executive management, his knowledge of the built environment sector, and his passionate belief in the importance of culture in the workplace, he is a perfect fit to be our first-ever non-executive chairman.
“In BGF we’ve taken great care to select an investment partner that is culturally the right fit for our business.
“They support long-term sustainable growth, and in our ongoing discussions it was clear that they place the same value that we do on the importance of creating a great place to work.”