黑洞社区

Turner & Townsend majority owner CBRE said turnover last year rose more than 10% to nearly $31bn (拢26bn).

The Dallas-headquartered firm, which employs 115,000 people across the globe, although it doesn鈥檛 count T&T鈥檚 10,000 staff in this number, said turnover was up 11% to $30.8bn (拢25.7bn).

But net income was down 23% to $1.4bn (拢1.2bn) with CBRE president and chief executive Bob Sulentic admitting that earnings had been hit by the 鈥渄oubling of long-term interest rates, sharp equity market decline and the credit crunch that constrained investment activity for most of the second half鈥�.

T&T sits within CBRE鈥檚 Global Workplace Solutions business unit, after the US giant paid 拢960m for a 60% stake in T&T 18 months ago, and the firm said T&T鈥檚 revenue in the fourth quarter of last year was $358m (拢299m). It added: 鈥淭he Turner & Townsend business continued to perform ahead of expectations.鈥�

London cost consultant Alinea is now under the CBRE umbrella after T&T snapped up the firm last month in a deal believed to be worth around 拢35m.

The move has provoked mixed reactions and this week two of Alinea鈥檚 clients told 黑洞社区 they had worries about the deal.

Speaking on condition of anonymity, one major client said: 鈥淢any wonder if the skill of Alinea will be diluted by the bureaucracy of T&T. Great deal no doubt for Alinea partners [but there are many] questions about the role of the major QS. Are costs now based on last job and what the book says or is it real knowledge?鈥�

Another added: 鈥淭hey [Alinea] have annoyed some of their clients, whatever they say in public, by what they鈥檝e done.鈥�

>> Also read: Why Alinea turned its back on independence and signed up with T&T

However, Richard Steer, chair at Gleeds, said: 鈥淚 can understand why Alinea went for the deal. It鈥檚 a pragmatic move that gives them access to markets that a small firm just can鈥檛 achieve on its own. We are seeing a trend for consolidation among cost consultants which is not that surprising in the current market.鈥�

Earlier this month Peter Oosterveer, global chief executive at Arcadis, said: 鈥淚 can鈥檛 say I am surprised 鈥� if you look at our space, it is extremely fragmented and it has plenty of room for consolidation, whether that鈥檚 in building or infrastructure or environmental work, this business will continue to be marked by further consolidation.鈥�

The enlarged business will be run by Alinea co-founder Iain Parker who told 黑洞社区 the deal 鈥減ropel[s] our business forward by a decade overnight in terms of what we鈥檙e trying to do鈥�.

Alinea employs around 110 people and is expected to post a turnover of 拢20m in the year to April.