Morganstone (Llanelli)

Origins

Having worked for PLC housing and construction companies at senior management level for many years, Ian Morgan (the Managing Director) felt it was time to go it alone and felt that the industry was in need of a niche for a main contractor that understood and operated as a client would and therefore could provide a flexible and personal approach and thus avoiding an adversarial and contractual approach, By implementing this flexibility for change and quick decision making along with the discipline that is exercised by that of a Plc, this would provide a much improved service to the client. Some of the challenges that were faced and overcome in the last three years by the company included creating a history of trading before that history is created i.e. the chicken and the egg syndrome; timing of the company creation at the start of the recession, finding and appointing appropriately experienced and trained personnel, uncertainty of government funding for the clients in the public sector and controlling growth to be both achievable and sustainable for the longer term.

Success Factor

Morganstone’s rapid growth over the last four years is testament to the reason it was created - that there was a niche requirement in the market that it operates along with the ability to provide clients with a first class service has led to 70 per cent of orders generated from repeat business. However, to generate the client base in the first place, the firm had to diversify into new areas such as refurbishment, repair and maintenance. This enabled it to expand across a wider geographical area covering the whole of south, mid and west Wales. It has also concentrated on achieving vital external accreditations that highlight the company’s commitment to maintaining excellent health, safety, environmental and quality management systems as well as continued investment in the company’s employees. Other key factors include a focus on securing framework agreements with local authorities and housing associations as they focus on securing more long term work for up to five years, developing core skills set amongst employees, developing the management structure in-line with growth levels in order to efficiently manage the growth, careful use of resources and tight control on finances with any profits made being reinvested back into the development of the company. Company personnel have a long and established track records in delivering high quality services in the sectors worked in by Morganstone, having worked for national construction and regeneration companies for many years. They have experience in overcoming difficulties and issues associated with collaborative working with clients and the supply chain and have developed strong and experienced teams that are dedicated to the delivery of each project. They also have well-established links with local supply chain partners, a flexible and pro-active approach to risk management and excellent aftercare service

The Future

The long-term growth plan at Morganstone is to continue its year on year increase of turnover, whilst maintaining and improving the margins of the areas in which it operates. This will only be achieved by the continued effort of dedicated staff that will need to be strengthened and increased to meet the demands that the business’ growth projection requires. Now that the housing market is showing real signs of improvement, open market housing for sale is a target area in which Morganstone intends to grow with the acquisition of its own land for development. It also intends to target the health and education sectors to become a major part of the portfolio of projects that it undertakes and have already started that process by working on its first care home for dementia sufferers.