Van Elle

Van Elle Limited
Public limited company
Traded as LSE: VANL
Industry Deep foundation, Track (rail transport)
Founded 1984 (1984)[1]
Headquarters Nottinghamshire, East Midlands, United Kingdom
Revenue £43.1m UK (2016)[2]
£3.2m UK (2016)[2]
Number of employees
 515 (2016)[1]
Website www.van-elle.co.uk

Van Elle is a piling and rail infrastructure company based in Nottinghamshire, between Pinxton and Kirkby-in-Ashfield, in the United Kingdom. It is listed on the London Stock Exchange AIM sub-market.

History

The company was founded in 1984 by structural engineer Michael Ellis.[1] In the year to 30 April 2015, Van Elle’s turnover rose 57% from 2014's £46m to £72.5m for the year to April 2015. Profit more than tripled, from £2.8m to £9m, and headcount grew from around 300 to over 400.[3]

By 2016, the company had worked on projects for Network Rail, Balfour Beatty and Morgan Sindall Group.[1] In October 2016, the company was floated on the AIM sub-market of the London Stock Exchange, achieving a market capitalisation of £80m. Van Elle was forecasting revenues for 2016 approaching £85m.[4]

Ellis retired the following December,[5] but remained a shareholder in the company. In 2017, delays in rail projects caused turnover to drop.[6]

In November 2017, Ellis started an attempt to remove the company's chief executive Jon Fenton and a senior independent director, Robin Williams, citing concerns about the company's management, departures of key staff and financial forecasts.[7]

During the dispute, the company faced questions after it wrote off more than £330,000 of work building a new house for Fenton (who announced he would be stepping down from the company due to a family illness),[8] while Ellis accused Van Elle directors of making personal attacks ahead of a shareholders' vote in December on returning him to the board. The board rebutted Ellis's criticism accusing him of damaging the company.[9][10][11]

At the shareholders meeting, Ellis's bid to return to the board was rejected.[12][13]

In January 2018, the company warned it would potentially lose £1.6 million as a result of the collapse of Carillion, for whom it was working as a subcontractor on projects for Network Rail.[14][15] Van Elle also reported uncertainty relating to £2.5m worth of future work for Network Rail, with a potential impact on future financial results. Interim results for the year to 31 October 2017, showed the firm made an underlying pre tax profit of £5.4m on turnover of £52.6m.[16]

References

  1. 1 2 3 4 Hart, Joanne (12 November 2016). "Investors on solid ground after flotation of engineering services firm Van Elle". ThisIsMoney.co.uk. Retrieved 21 January 2018.
  2. 1 2 "Van Elle in negotiations to buy 'several companies' following stock market float". 19 January 2017. Retrieved 21 January 2018.
  3. ↑ "Van Elle's new rigs". The Construction Index. 17 June 2015. Retrieved 21 January 2018.
  4. ↑ Morby, Aaron (26 October 2016). "Van Elle raises £40m in stock market debut". Construction Enquirer. Retrieved 21 January 2018.
  5. ↑ "Van Elle founder bows out". The Construction Index. 3 January 2017. Retrieved 21 January 2018.
  6. ↑ "Piling contractor Van Elle is taking a small hammering itself from delays in rail sector contract starts". Construction Index. Retrieved 21 January 2018.
  7. ↑ Williams, Christoper; Tovey, Alan (11 November 2017). "Van Elle faces boardroom battle as founder seeks return". Telegraph. Retrieved 21 January 2018.
  8. ↑ Williams, Christopher (28 November 2017). "Former chairman attacks Van Elle over £330,000 bill for chief executive's house". Telegraph. Retrieved 21 January 2018.
  9. ↑ Torrance, Jack (11 December 2017). "Founder steps up war of words with Van Elle board ahead of crucial shareholder vote". Telegraph. Retrieved 21 January 2018.
  10. ↑ Garner-Purkiss, Zak (5 December 2017). "Van Elle board slams founder's power play". Construction News. Retrieved 21 January 2018.
  11. ↑ Robinson, Dan (12 December 2017). "Founder of Notts ground engineer Van Elle in boardroom battle to regain control". Nottingham Post. Retrieved 21 January 2018.
  12. ↑ "Van Elle shareholders shut down Ellis' bid to return". The Construction Index. 18 December 2017. Retrieved 21 January 2018.
  13. ↑ Ashwell, Emily (18 December 2017). "Van Elle founder's bid to return defeated". New Civil Engineer. Retrieved 21 January 2018.
  14. ↑ Morby, Aaron (16 January 2018). "Carillion fall-out hits Van Elle and Speedy". Construction Enquirer. Retrieved 16 January 2018.
  15. ↑ "Derbyshire company warns of 'adverse financial impact' after Carillion collapse". Derbyshire Times. 18 January 2018. Retrieved 21 January 2018.
  16. ↑ Prior, Grant (25 January 2018). "Van Elle reveals full cost of Carillion collapse". Construction Enquirer. Retrieved 25 January 2018.
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