Last updated 15th November 2022
TSL Projects
TSL Projects is a multi-disclipined contractor working across a range of industries and with a strong market position providing logistics facilities, particularly for the food manufacturing sector.
Based at Chalfont Park near Gerrards Cross in Bucks, west of London, the company has a last-reported turnover of around £550 million.
The firm has a track record working on projects across a series of key manufacturing sectors, notably food & drink, pharmaceutical, logistics, hi-tech manufacturing and so-called ‘mega-sheds’. Logistics accounted for 68% of the company’s annual turnover in 2021, when it delivered 23 major projects across the sector.
Blue-chip clients which TSL has worked for include Tesco and Greencore in the food sector, GSK in the pharma sector and lens manufacturer, Rayner. Overall, longstanding clients generated some 89% of its business in 2021.
To support its growth plans, the group has been investing in its infrastructure and strengthening its management team and its delivery teams have been segregated into workstreams. Employee numbers at TSL Projects rose to 200 at end-2021, up from 139 a year previously.
Today, whilst the group plans to focus on its number one position in food-related construction, it is also pursuing new opportunities in pharma, data centre and hi-tech markets.
In the group’s latest annual report published in May 2022, it pointed to a strong pipeline of projects secured on a negotiated basis which had reduced the impact of price volatility and provided a ”positive outlook” as it moved into 2022.
Financials
To see the financials for TSL Ltd. go to Companies House and use company ID 04492402
TSL reported solid results for the year to end-December 2021, as the company rebounded from Covid. Turnover rose to £548.04 million in 2021, up from £348.2 million in the 18-month period from July 2019 to December 2020. On the same timeframes, operating profit rose to £10.05 million in 2021 from £9.33 million previously and pre-tax profit rose to £10.03 million from £9.34 million. Meanwhile, cash at bank stood at £36.95 million, compared to £42.96 million previously.
Operations
TSL provides a wide range of services from defining a project with feasibility studies to the design of process, design & construct, FM, energy audits and maintenance as well as on property aspects such as site selection, masterplanning and financial appraisals.
The firm employs a multi-disciplined team of specialist designers, project managers, commercial managers, construction and technical support teams. It also puts a strong emphasis on speed of delivery as well as on training & development and apprenticeships.
Alongside its base near the M25, TSL also has regional UK bases in Newcastle and Lymm in Cheshire and has recently been adding significantly to its teams in the north to manage major projects it has taken on.
TSL’s prominence in the food manufacturing sector has been highlighted by its recent completion of one of the largest facilities in the industry, McCormick Foods’ 465,000 sq ft plant in Peterborough. The firm is also completing its first data centre project in Brent Cross and has won future projects in the sector.
The group is also developing its overseas presence in line with a five year plan; it has operations covering Europe, based in Germany – where it has a strong order book in logistics and data centres and in the US, where it has been working for Amazon Logistics. Meanwhile, TSL”s Dublin-based Irish business has also seen strong growth over 2021.
Glenigan data
Glenigan data shows that TSL Projects ranks at number 57 in a league table of major contractors covering the year to September 2022. The firm was involved with 8 significant building projects worth a total of £161 million.
Glenigan data reflects the busy order book at TSL. It shows TSL Projects is the main contractor on an £18.3 million project at SmartPac Campus Spondon in Derby, part of a food industry warehouse & training centre, where work is set to run until summer 2024 (Project ID: 21317796). TSL is also acting as a key consultant on a £10 million food facility Project Mercury- Phase 1, at Corby where Canmoor Developments is the client and work is set to start in late 2022 and run for 15 months (Project ID: 17113237).
Conclusion: making strong headway in promising sectors.
TSL has taken full advantage of the boom in building new facilities for the logistics sector in recent years. Having established a fairly dominant position in delivering new facilities for the food manufacturing sector, the company now appears to be making headway in other promising sectors, notably in working for the pharma, data centre and hi-tech sectors. Whilst the prospect of recession is likely to mean some shrinkage in the food industry”s appetite for new buildings, TSL’s strong track record, blue chip client base, in-house skills resource and growing overseas side, should help it to maintain momentum.
Key contacts
Tony Barry, Project Director at TSL Projects,
Telephone 0845 3307311
Enda Tierney, Project Manager at TSL Projects
Telephone 0845 3307311