Severfield lifted as 'stump' is revived

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The UK’s biggest steelwork firm, Severfield, has won a clutch of new contracts, including work on the revived 22 Bishopsgate skyscraper in the heart of the Square Mile.

Developers Lipton Rogers and Axa Investment Managers decided to press on with the scheme last week after reviewing the project in the wake of the Brexit vote. 

They bought the site of the planned Pinnacle tower last year, which was less than half finished and labelled the “stump” when its previous backers run out of cash.

Severfield’s contract for main builder Multiplex is understood to be worth up to £50 million. 

The firm has also worked on London landmarks including the Shard and the Orbit sculpture at the Olympic Park, but needed a bailout from shareholders in 2013 after racking up millions in losses on the Cheesegrater tower in  the City. 

The shares rose 0.9p to 59.2p.

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November 4, 2016 |
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