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US firm aims to profit from recession refurb work

US construction company Structure Tone plans to take advantage of opportunities created by the recession to become the UK’s third-largest fitout firm.

Structure Tone has a UK turnover of £70 million and is looking to increase its market share to become the third biggest player in the fit-out sector after ISG and Overbury.

Managing director Dean Manning believes there are increasing opportunities with firms opting for refurbishment over new construction in the current climate.

“I feel quite bullish to be honest,” he said. “A number of competitors have let staff go. We haven’t let anyone go. We have employed new people since Christmas and are still looking for new talent.

“We are in that group of three or four firms vying for third place. I do not want to be a slave to figures but we want that few per cent of market share to take us away from the pack.”

Structure Tone is currently working on the £10 million refurbishment of the Royal Courts of Justice, and recently completed the £40 million fitout of London’s 29-storey Willis Building.

The firm is also hoping to win a sizeable portion of work refurbishing the capital’s hotel stock in the run-up to the 2012 Olympics.