Case Study – Connor Construction (South West) Ltd
5th March 2024
Connor Construction (South West) Ltd aim to provide the most comprehensive list of services available to the Highways and Road Construction industry. They supply their industry with a world-class fleet of surfacing and panning machinery, as well as the expertise and manpower to match.
Back in 2016, as a rapidly expanding construction company, Connor Construction identified they had outgrown their previous accountants.
When Connor Construction approached us, they were not just looking for an accounting firm to manage their financials; they wanted a partner who could advise them through their growth, complexities, and industry-specific challenges. They wanted a firm that ensured the financial frameworks supported not just the company, but also the personal aspirations of the owners and employees.
‘When we realised we had outgrown our previous accountancy firm, I knew we needed a partner with a broader vision. Old Mill has been that vision for us since 2016.’
Ian Webb, Owner
Connor Construction utilise a wide spectrum of services supplied by Old Mill to cater to their ever-evolving needs.
Accounting services
The backbone of any thriving business lies in its financial documentation. We ensure that the company can make informed decisions based on a clear view of their financial health. Such robust records also simplify matters like audits, stakeholder communication, and statutory compliance.
Corporate Tax
Our specialists in Corporate Tax planning and compliance ensures that Connor Construction remains compliant while maximising its post-tax revenue.
Consultation
Serving as a sounding board for the owner, Ian Webb, we offer more than just financial advice. Our consultation services encompass a wide range of business matters, from strategic direction and market insights to operational challenges.
Research & Development (R&D) tax credits
Innovation is the lifeblood of growth in the construction industry. By identifying qualifying R&D activities and ensuring that all claims align with tax regulations, we help the company leverage significant tax reliefs, thus rewarding and encouraging further innovation.
IR35 review
The landscape of contractor taxation can be challenging. Our IR35 review services ensure that Connor Construction remains on the right side of these regulations.
Key performance indicators (KPI) reporting assistance
Data-driven decisions have the power to transform businesses. We make sure Connor Construction is equipped to monitor, analyse, and act upon performance metrics.
Building relationships
What makes this partnership unique is not just the range of services Old Mill offers, but the relationships built along the way. Ian has forged strong connections with several key figures at Old Mill, such as Tax Partner, Steve Martin, and Adviser, Stuart Grimster. He has consistently expressed his appreciation for Old Mill’s proactive and practical approach. The trust he places in the team ensures he leans heavily on their expertise.
Connor Construction is an incredibly ambitious business, with a burgeoning portfolio of projects and clients. Proactive collaboration with Old Mill tailoring their services is essential to their success.
Stuart Grimster, Partner, explains how his team works closely with Connor Construction to create specific services to help achieve their success, ‘Initially, we always make sure we simply listen. Once we have heard what Ian thinks he wants or needs, we challenge his thinking so that a robust understanding of the way forward is mutually agreed. We then create a ‘financial template of services’ which we monitor and track progress through subsequent meetings with Ian. Our in-house team of specialists help us enormously here.’
Cash flow understanding
Aside from all of the above, we have also helped advise Connor Construction in utilising specialised software to gain a deep understanding of their short-term and long-term cash position, fostering proactive decision-making. From this, we work with their board to make the big decisions on areas such as staff recruitment, profit targets and cash reserves.
Dividend strategy
By maintaining a clear view of cash reserves, we assist in determining the most opportune times for dividend distribution, aligning with Ian’s personal goals.
Connor Construction are looking to grow and expand their enterprise. With Old Mill’s dedication to providing all-encompassing financial management, growth strategy support, and tax efficiency, Connor Construction are confident that their ambitions can be achieved.
To discover more about Connor Construction Ltd, visit www.connorconstruction.co.uk.
If you would like to find out more about how Old Mill could work with you, enquire by clicking here…
