News

Turley repays furlough funds

We have repaid the c£600k received from Government in Job Retention Scheme grants.

With income dropping sharply in the early months of the first lockdown, we responded by reducing overheads, agreeing salary and benefit reductions with co-owners (our employees), and utilising Government support, including the furlough scheme. These and other early measures, together with a steady recovery in levels of fee income have ensured ongoing profitability.

We have seen encouraging results for the first half of our current financial year and are on track to exceed expected performance. Therefore, we are also repaying co-owners who volunteered salary and benefit sacrifices last year.

Last year we saw growth of nearly 6% across core business sectors of Residential, Business Space and Leisure & Hospitality, including significant growth in our Sustainability, Development Viability and Heritage & Townscape specialisms.

Speaking about the decision Chief Executive, Dave Trimingham said:

“Throughout 2020 we hoped for the best but made sure we were ready for the worst. As it became apparent the impact of COVID on our business was not as significant as first appeared likely, we could not justify retaining taxpayers’ money and felt it was right to return the JRS grants.  

“When faced with difficult times we fall back on the character and attributes of our business and the response from our people has been incredible. Our employee-ownership model and collective values have helped us weather a very challenging period.

“Whilst we can’t be complacent about what the future holds, one thing of which I am certain is that a vibrant development industry is vital for economic recovery. The right type of development will stimulate the economy whilst delivering better, more sustainable places for the future. We look forward to moving beyond the pandemic and continuing to support our clients in building back better.”  

26 January 2021