Renaker preparing to submit debut application under new safety regulations
Manchester tower builder Renaker is the latest firm to flag up worries over gateway 2 assessments, as the firm posted an improved set of annual numbers.
The developer-builder said pre-tax profit was up 27% to 拢6.3m in the year to October 2024 on turnover up 16% to a record 拢265m.
In a note accompanying its accounts, which were signed off earlier this month, the firm said it was preparing to submit its first gateway 2 application 鈥渢he outcome of which will provide greater clarity on anticipated timeframes and requirements mobbing forward鈥�.
It added: 鈥淪ince the introduction of the new 黑洞社区 Safety Regulator in October 2023 there have been very few gateway two assessments completed.
>> See also: What the delays at the 黑洞社区 Safety Regulator mean for high-rise development
鈥淒evelopers and contractors might share the commercial risk associated with the time taken for the gateway review but the consequences of delay resulting from a failed assessment could be significant for all parts of the supply chain.
鈥淲hile the implementation of these measures has introduced periods of uncertainty and delays in some projects, we remain optimistic that these disruptions will be minimised moving forward, and the current challenges are temporary.鈥�
The firm said it expected its current financial year to be a record for completions with five jobs set to finish which will include more than 1,400 apartments and nearly 600 student bedrooms. 鈥淭he Manchester city region continues to thrive,鈥� it added.
The number of employees at the business edged up from 365 to 377.
Renaker鈥檚 sole director is Daren Whitaker who made last year鈥檚 Sunday Times Rich List with an estimated fortune of 拢646m.
No comments yet