02.06.2008 Growth and key appointment at Castleoak
This month the Castleoak Group announces record turnover of £60 million along with the appointment of a Group Finance Director to underpin our plans to grow to £100 million by 2012.
In the year to 31st March the Group increased turnover by over 50 per cent, maintained profitability and our staff numbers grew from 85 to more than 130 today.
This comes after an eventful year when we were again recognised as an employer of distinction in this year’s Sunday Times Best Small Companies to Work For survey and, in January 2008, moved into a new, 24,000 sq ft head office at Cardiff Gate. We also recently announced a major investment in a two-year executive development programme for directors and senior managers supported by the Welsh Assembly Government’s Knowledge Bank for Business (KB4B).
Further growth is projected this year as our newly established company, Castleoak Care Developments, which was set up to acquire land and develop care homes to lease or sell to care providers, is due to complete its first development – a 68-bed care home in Carterton, Oxfordshire – this month. We have also just established a further company – Castleoak Timber Frame, based in Ebbw Vale – to design and manufacture timber frame structures uniquely for our own projects.
To help support the continued growth, Dafydd John, 34, has joined us in the newly created role of Group Finance Director. Chartered accountant Dafydd, trained and spent 11 years in corporate finance and business advisory at PricewaterhouseCoopers in Cardiff and Bristol. He will work closely with Calvin Coakley, who remains in his current role as Finance Director of the Group’s operating companies.
According to Executive Chairman, Mel Knight, Dafydd’s appointment is a key strategic milestone.
“We have tightly managed our growth and seen increases in contract values and volumes, both with existing customers and new additions to our client base from the not-for-profit and commercial sectors. We have a strong pipeline of good quality future work and we will continue to increase our capacity in order to meet predicted future demand,” he said.
“Dafydd will assume responsibility for the strategic planning associated with this ongoing growth, the financing of our development activities whilst at the same time helping the executive team to monitor and improve business performance.
“Furthermore, the strength of the relationships we have built has been one of the keys to Castleoak’s growth and Dafydd will have an important role to play in cementing partnerships with banks, professional advisers and other funders. His arrival will also allow me to spend more time meeting customers, suppliers and staff all of whose opinions need to be heard and listened to.“
“Castleoak is an exceptional business, the company has developed a strong brand and market position in a specialised and growing sector,” said Dafydd.
“The work being done by Castleoak helps fulfil a very important social need and this, together with the company’s attitude to customers, suppliers and staff, is very refreshing. I am very much looking forward to playing a full part in helping Castleoak achieve its potential.”