Joint venture sees Newry firm secure major £30m infrastructure project
A specialist Newry-based civil engineering contractor has secured a new contract to deliver Southern Water’s Victorian sewer rehabilitation project in Thanet, south-east England – a major infrastructure project valued at over £30 million.
Terra Solutions Limited, which has been trading since 2008, has entered into a new joint venture – TPMD.
Made up of Terra Solutions Limited, Pfeiffer GmbH and Matt Durbin Associates, TPMD will deliver phase two of Southern Water’s Thanet Sewer Rehabilitation Project which aims to repair and reline the century-old network.
The Ulster Bank-supported company began work on the contract in July this year.
Relining works are due to commence in the coming weeks with the contract anticipated to complete in spring 2020.
Terra Solutions Limited is receiving additional support from Lombard, providers of asset finance, to fund the development of specialised lining equipment to fulfil the contract.
Speaking to Newry Times, Barry McAllister, Managing Director of Terra Solutions Limited, said, “We’re investing heavily in our Sewer Rehabilitation Lining Division as more and more contracts necessitate the latest techniques and technological advances.
“We’re now a registered Thames Water Framework Contractor too, an important status to hold as we continue to grow our presence in southern England.”
He continued, “We’ve worked closely with Ulster Bank over the past decade, and they have provided us with the working capital that has enabled us to successfully tender for and deliver major contracts throughout the UK and Ireland.
“Our latest contract with Southern Water incurs substantial turnover in a short period – around 18 months.
“The working capital allows us to invest in the right facilities, equipment and people to successfully deliver the contract,” he added.
Caroline McKeown, Business Manager, Commercial Banking NI at Ulster Bank, said, “Terra Solutions Limited has established itself as a leading-edge specialist contractor with a proven track record for delivering large-scale infrastructure and rehabilitation projects.
“Ulster Bank is pleased to support the company to deliver its latest contract with Southern Water, one of many substantial public and private sector projects we have provided working capital for in recent years,” she added.
Earlier this year, Terra Solutions Limited also won a €3million contract with Dublin City Council and Irish Water to deliver the Liffey Siphons Rehabilitation Project.
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Posted by Newry Times News
on Nov 14 2018. Filed under Business, Community.
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