Fife furniture and fit-out specialist announces record £24m of new orders
Deanestor, a Dunfermline-based furniture and fit-out specialist, has announced a record order intake of around £24 million in the last six months.
The business is now anticipating its highest-ever turnover in 2023, which is projected to rise to £22m. This will be an increase of £2.8m compared to last year.
Since the start of 2022, production volumes have continued to rise steadily as Deanestor’s factories returned to pre-pandemic levels of turnover and profit. Turnover in 2022 increased sharply by 35% to £19.2m in comparison with 2021.
The record intake is for fit-out projects for both new and long-standing repeat clients and contractors and are across a diverse range of markets from build-to-rent and student living in the private sector, to healthcare and education.
The latest orders include:
- A £2.3m contract to manufacture and install contemporary kitchens for 370 apartments for rent in the centre of Birmingham. The Octagon is a £110m 49-storey tower developed by City Developments and is Deanestor’s second project for Midgard.
- Deanestor’s second kitchen and bedroom fitout project for developer Crown Student Living. This is a £1.6m contract with Winvic at St Ann’s Road in Nottingham, which will provide around 400 new student homes.
Deanestor’s Scottish business is based in Fife and continues to perform well. It has recently been awarded its largest education contract to date – a £5m project for BAM to manufacture furniture and fit out two high schools on the Dunfermline Learning Campus.
Ramsay McDonald, managing director of Deanestor in Scotland, said: “Towards the end of 2022 and at the start of this year, Deanestor saw its highest ever order intake. Confidence has definitely returned.
“Build-to-rent is extremely buoyant across the UK, and the student living and education sectors remain strong. We are also seeing an increase in the size of our projects for residential schemes as well as a trend for taller buildings to deliver more homes for rent.
“Enquiries remain at healthy levels, and we now have a record quote book which is another very positive economic indicator.”
“The acute challenges in labour and materials costs after the pandemic have now stabilised and with such a strong order pipeline, we expect our growth to continue for the next 24 months and beyond.”