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McGrath Group eyes 2012 Olympics
13th October 2009
Lisburn-based engineering company, McGrath Group, has recently been able to take on a number of high profile projects by leveraging the expertise of a member of Bank of Ireland’s team of Working Capital Experts. The projects entail work in the rail sector in London and include extensions to the capital’s East London line and the Docklands Light Rail Enhancement Project in preparation for the 2012 Olympic Games.
Lisburn-based engineering company, McGrath Group, has recently been able to take on a number of high profile projects by leveraging the expertise of a member of Bank of Ireland’s team of Working Capital Experts. The projects entail work in the rail sector in London and include extensions to the capital’s East London line and the Docklands Light Rail Enhancement Project in preparation for the 2012 Olympic Games.
With a current annual turnover of £30million, McGrath Group has worked on numerous architectural metalwork projects in the commercial, construction, retail and rail sectors over the past 25 years. The company is in the process of expanding its production facilities, which will enable the in-house completion of finishing works resulting in considerable cost-savings and the creation of a number of new jobs when it is completed in July 2010.
Joint Managing Director, Brian McGrath, said: “We have seen an increase in demand for our services and are in the process of simultaneously delivering a number of high profile contracts, all of which require some really detailed cash flow management. Having been a customer of Bank of Ireland for 11 years and in particular having worked with John Steen for the past two years, I was confident that he had the expertise to advise on the complexities and administrative challenges of working with multi-national clients on large scale projects.”
“This relationship has helped the McGrath Group manage projects more successfully in the current difficult economic climate, as John was able to bring a wealth of specialist banking knowledge to the discussion table.”
John Steen, Relationship Director at Bank of Ireland’s Business Centre in Lisburn and one of the bank’s 17 Working Capital Specialists said: “Working capital and cash flow are the lifeblood of every business. In a recession, effective management of all resources, particularly cash, can be the difference between success and failure. Organisations are now facing different challenges to the ones they faced eighteen months ago and my specialist training in working capital solutions, coupled with the close working relationship we have with McGrath Group, meant that I was able to come up with a robust cash flow management solution to fulfill their requirements.”
John Steen, who leads a five-strong team of relationship managers to help them manage Bank of Ireland’s priorities and assist them in delivery to customers, has worked at Bank of Ireland since 1995. He has worked in Asset Finance, Commercial Banking and Business Banking and was instrumental to the opening of the Lisburn Business centre in 2007.
To avail of Bank of Ireland’s free of charge financial health check, email workingcapital@boini.com to make an appointment.
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For further information, please contact:
Julie Sherlock Bank of Ireland +44 (0)28 90433520
Audrey Nolan Bank of Ireland +353 (0)1 6043652
Alan Watson SMARTS +44 (0)7768 798148
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