Building contractor Forrest has announced its Chief Executive Officer, Lee McCarren, is to step down from the business by mutual agreement.

Having joined the company in 2009, Mr McCarren led the transformation of the business into a multi-disciplinary contractor.

Bob Holt, Chairman at Forrest, said: "The Board thank him for his considerable contribution and effort over the years and wish him every success for the future."

Mr McCarren added: "I have had a great time leading the Forrest business and working with its great book of customers but believe that now is the perfect time, in view of the new investment, for me to depart and go onto a new challenge. I wish the business great success going forward."

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The move comes as the company confirms it has secured a refinancing package with the Greater Manchester Combined Authority.

The new funding will support the business as its delivers its £600 million order book and includes new shareholder equity funding and a new revolving credit facility.

Previous funder the Royal Bank of Scotland will be replaced, while Palatine Private Equity remains as majority shareholder with Lloyds Development Capital and Management.

Mr Holt continued: "The new funding deal provides a strong financial platform that will enable Forrest to deliver growth over the next few years, whilst maintaining the Company ethos of providing personalised, customer focussed services. The Board thanks our clients and supply chain for their continued support during the refinancing process."

Historically, Forrest's core market at in the refurbishment of social housing and local authority housing. However in more recent years, the revenue mix has shifted with significant growth in new build construction, with 30 jobs losses announced earlier this month to reflect this change.

Image: Bob Holt, Chairman at Forrest.

(LM/MH)