Renaker Build behind string of high-rises in city
Manchester residential tower builder Renaker Build said profit was hit last year by rising costs caused by materials price hikes and increased bills for labour.
The firm is behind a string of high-rise schemes in the area including the 50-storey Cortland Tower in neighbouring Salford and the 51-storey Blade Tower on the edge of Manchester city centre.
The firm’s developments business is also drawing up plans for a 71-storey scheme, designed by local practice SimpsonHaugh, at its Great Jackosn Street cluster which will be one of the tallest towers outside London.
But it said rising energy prices and supply chain challenges “has put trading margins under pressure”.
Turnover in the year to October 2023 was up 30% to £229m but pre-tax profit fell 17% to £4.9m with net margins falling from 2.9% to 1.7% – a drop of 41%.
Renaker, whose sole director is Daren Whitaker who made this year’s Sunday Times Rich List with an estimated fortune of £646m, said it had “successfully managed to mitigate many of the challenges of supply shortages and cost inflation [through] our rigorous approach to risk management and careful project and commercial management”.
The number of employees at the business went up 7% to 365 people.
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