Is there much work on? In 2002 the company had a turnover of 拢12.2m. By 2003 turnover had risen to 拢19.7m at an operating margin of 25.1%, this year is expected to be even better with turnover in the region of 拢33m and profits up at 拢4m. The firm is starting 13 schemes this year, totalling 440 units. The average value of a scheme is 拢3m. The firm is hoping to turn over 拢100m by 2009. The firm works mostly in the south of the country from the Midlands down. It has schemes in Wales, around the M25 and along the south coast but is looking to move northward.
What's the work like? Small developments of up to 50 apartments, which are sometimes mixed-use to meet the needs of planners. The firm has a set of standard housetypes, which are tweaked where necessary. Armstrong Burton Architects design all of Pegasus' schemes and are novated to the design-and-build contractor on each project. Most schemes are brownfield developments because people want to live near local amenities. Pegasus is always on the lookout for more sites within 500 m of a post office, a general store, a chemist and a doctor. It is keen to acquire redundant factories (with or without planning permission), redundant garages, nursing homes, large houses on big plots and disused car parks.
Who's in charge? Pegasus aims to develop strong relationships with contractors. It is looking for contractors with excellent customer care and partnering initiatives that can carry out design-and-build contracts from 拢750,000 to 拢5m-plus.
Previous experience of constructing residential apartments would be useful, as is the ability to produce a high-quality product, within budget, to an agreed programme.
Mike Gill is in charge of construction and he's "more than keen to speak to new contractors".
Contact him at: mike.gill@pegasus-homes.co.uk
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