黑洞社区

The restructuring of the merged Keepmoat and Apollo businesses has completed with the loss of around 250 jobs, newly-appointed chief executive Dave Sheridan has said.

The company originally planned to make 200 jobs redundant as part of the process, 黑洞社区 reported in April.

Sheridan was appointed to lead the 拢1bn-turnover combined Keepmoat business today, after former chief executive Ian Sutcliffe stepped down after just nine months in the role.

Sheridan declined to comment on the reasons for his predecessor鈥檚 deaparture, saying he 鈥渨asn鈥檛 party to those conversations鈥�.

The company also announced it has completed a refinancing that leaves it 鈥渙wned in a partnership between management and Lloyds Banking Group鈥�.

Under the refinancing, private equity group Coller Capital has 鈥渢aken a step back鈥� and a 鈥渟maller share鈥� in the company, Sheridan said.

He declined to comment on the relative shareholdings of the Keepmoat management and Lloyds.

Both Keepmoat and Apollo were part of a portfolio of businesses which was originally owned by Lloyds HBoS until the portfolio鈥檚 July 2010 sale to Cavendish Square Partners, which is majority owned by private equity group Coller Capital.

Keepmoat鈥檚 new funding arrangements replace a temporary bridging loan that it organised at the time of the merger.

The refinancing 鈥渟ignificantly reduced鈥� its debt and resulted in a new 拢125 million revolving credit facility - an increase of 拢50 million to allow it to 鈥渢ake advantage of market opportunities鈥�.

Sheridan said the refinancing was 鈥済ood news for customers鈥� and would enable the firm 鈥渢o do more for them鈥�.

He said the firm would target more work in the south of England and more partnership deals with clients under his leadership.

The firm also disclosed unaudited figures for its financial year ended 31 March 2012 this week.

Keepmoat turned over 拢1bn and made a profit before exceptional items of 拢57m over the period.

Keepmoat currently employs 3,200 people and operates from 22 offices across Britain.