Offsite specialist contractor Reds10 has appointed a new trio of managing directors to lead its defence, public sector and manufacturing operations as part of a strategy to grow revenue to £500m.
Phil Cook, Joe Shepherd and Ryan Geldard have each been promoted to managing director roles covering Reds10’s core divisions.
In a statement today (9 June), the firm said the appointments would support its aim of industrialising offsite construction and integrating AI across its business.
They will report to founder and chairman Paul Ruddick (pictured), who is stepping back into day-to-day leadership after chief executive Matt Bennion moved to lead Reds10’s sister company, Thrive-AI.
The technology firm, which uses machine learning to optimise building operations and reduce energy consumption, will now be Bennion’s sole focus.
Other key leadership roles at Reds10 remain unchanged.
The leadership overhaul follows a 70 per cent rise in annual turnover to £142.5m for the year to 31 March 2024.
Reds10 has forecast that its revenue will grow to £160m in the current financial year, supported by a £300m secured pipeline.
The firm is part of a contractor alliance appointed by the Defence Infrastructure Organisation to deliver new Single Living Accommodation blocks for the armed forces.
The company is also targeting work in the healthcare, affordable housing and temporary accommodation sectors, particularly in partnership with local authorities.
All Reds10 buildings are manufactured off site at its facility in Driffield, East Yorkshire, where five factories currently have capacity to produce 4,000 units a year.
The firm plans to triple this output to 12,000 units annually through a programme of industrialisation.
Source: Reds10 press release
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Ben Vogel