Both firms are headquartered in Birmingham, with additional offices in Bristol and London, employing around 160 staff.After transitioning to employee ownership in October 2021, the business faced significant challenges, including rising costs, project delays, and a broader market slowdown. Reports Contract Journal
These difficulties impacted liquidity, with cash reserves dropping from £9.9m in 2021 to just £850,000 in the latest published results for April 2023. Pre-tax profit also fell sharply to £0.5m from £3.1m in 2022, while revenue declined by approximately 10% to £46m.
To provide financial stability, former shareholders extended a £1.35m loan, and the company’s bank— which helped finance the ownership transition—agreed to a loan repayment holiday until May 2025.
JSW has a long history dating back to 1890 when it was established to supply fresh water and heating to Birmingham’s Victorian slums. The company underwent a significant ownership change in 2017, when a management buyout was led by five directors following the retirement of previous owners.
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