Shares in property company Styles & Wood Group have risen nearly 15 percent this morning, after an announcement that it will become a strategic partner of one of the world’s largest banking organisations.
The property services specialist, who focus on project delivery and property support throughout the UK, will partner with their client to deliver their UK Capital Plan over the next five years.
Whilst the client in question was not revealed in Wednesday’s statement, the Group have confirmed it is one of the world’s biggest banks. The deal is expected to general £20 million revenue each year for five years. All work will be based in the UK, and is expected to start in November 2016.
Styles & Wood Group’s CEO, Tony Lenehan, commented:
“We are delighted to have been selected as a delivery partner on this five year framework, which provides further evidence of the strength of our business model, broadening customer base and diversification strategy. As new technologies and practices continue to drive fundamental changes within the banking and finance sector, our unique skill set, experience and technical capabilities leave us well positioned to provide the specialist services required by major financial institutions.”
Styles & Wood (LON:STY) is currently up 14.04 percent at 388.88 (1100GMT).
31/08/2016
