The CEO of Birmingham’s fastest-growing contractor, Colmore Tang Construction, has said the company was prepared for the Bank of England’s decision to increase interest rates and that it would not have a major impact on business.
Andy Robinson, CEO of the Colmore Tang Construction Group of companies, responded to the announcement on Thursday 2nd November, after policymakers on the Monetary Policy Committee (MPC) voted 7-2 in favour of the quarter point rise from 0.25 per cent to 0.5 per cent.
“It had been more than a decade since we’d seen a hike in interest rates, so we were expecting the announcement,” said Andy. “We had already accounted for the increase by pricing it into our business plan.
“We do not envision the rise will affect our decision-making processes, especially since demand for construction and development continues to run very high in Birmingham and across the UK generally.”
Since launching four years ago in 2013, Colmore Tang Construction has gone from strength to strength and now has a projected annual turnover of £100 million.
Among its successes, the contractor built the prestigious 253-bedroom four-star Park Regis Hotel at Fiveways in Birmingham and has completed more than 1,200 residential units, with a further 3,500 in the pipeline.