{"id":884871,"date":"2026-01-14T06:12:00","date_gmt":"2026-01-14T12:12:00","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/01\/14\/turning-around-an-me-giant\/"},"modified":"2026-01-14T06:12:00","modified_gmt":"2026-01-14T12:12:00","slug":"turning-around-an-me-giant","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/01\/14\/turning-around-an-me-giant\/","title":{"rendered":"Turning around an M&E giant"},"content":{"rendered":"
\n

After 18 months as NG Bailey\u2019s chief executive, Jonathan Stockton\u2019s strategy is paying off<\/strong><\/p>\n

In June, NG Bailey announced record revenue of \u00a3662m and a workforce of 3,400. The scale is a far cry from the borrowed wooden cart and dozen staff that launched the firm more than a century ago.<\/p>\n

Its most recent accounts, for the year to 28 February last year, show pre-tax profit rising 65 per cent to \u00a317.7m on a 10 per cent increase in turnover to \u00a3661.7m.<\/p>\n

Two years earlier, the profit line showed a \u00a325m loss. High inflation, project delays and supply chain failures had hit the business hard, with the collapse of Britishvolt leaving it \u00a32m short. The contractor was an equity investor in the firm, which had plans to build a \u00a3300m gigafactory in Northumberland before it entered administration in January 2023.<\/p>\n

\n

\u201cWith the energy, expertise, and culture we\u2019re building together we\u2019re ready to achieve even greater things\u201d<\/p>\n

Jonathan Stockton, NG Bailey<\/h4>\n<\/blockquote>\n

The company\u2019s recovery forms the backdrop to Jonathan Stockton\u2019s first 18 months as chief executive. Covid, he says, exposed the dangers in fixed-price mechanical and electrical (M&E) contracts as material costs surged. The strategy since has been to pursue direct deals and adopt a cautious stance on risk. Stockton says the business has emerged \u201cstable\u201d, with no external debt and cash to invest in people and acquisitions. This stability supports a physical and organisational refresh. In January 2025, NG Bailey moved its headquarters to a 2,300 square metre office at White Rose Business Park in Leeds and launched executive development programmes to expand leadership capacity. In October, it added a warehouse to support its work on Tata Group\u2019s \u00a34bn gigafactory project in Somerset.<\/p>\n

Stockton joined the firm in 2016 as deputy chief finance officer after nine years at Deloitte. Before his arrival, NG Bailey\u2019s most recent acquisition was IT firm s2s in 2008. Stockton\u2019s restructuring of the finance team helped set the conditions for the 2018 purchase of \u00a3104m-turnover Freedom Group, a facilities management and power-engineering business. Its integration has broadened the firm\u2019s reach into defence, airports, data-centre assets and ports. Stockton says the subsidiary is now a key driver of growth through strategic partnerships with UK distribution network operators.<\/p>\n

As the UK moves deeper into the energy transition, Stockton says Freedom is well placed to benefit from investment in renewable connections, electric-vehicle charging and decarbonisation infrastructure. Much of the world is \u201cgoing down the electrical route\u201d, he says, and NG Bailey sees its core strengths aligning with that shift.<\/p>\n

Diversification from traditional M&E contracting has been central to the strategy, Stockton says. The market for M&E work remains tough and the firm is taking a careful approach to bidding, he adds. Even so, NG Bailey holds roles on major schemes including the UK Battery Industrialisation Centre\u2019s development facility and the Somerset gigafactory.<\/p>\n

\n

\u201cOur strong financial position and balance sheets mean we are able to invest in talent\u201d<\/p>\n

Jonathan Stockton, NG Bailey<\/h4>\n<\/blockquote>\n

Stockton says the growing electric-vehicle infrastructure business has a strong pipeline and that long-term partnerships are positioning the firm to support wider transport decarbonisation.<\/p>\n

Nuclear work remains another long-standing pillar. NG Bailey\u2019s involvement dates back to the 1950s and includes work on the UK\u2019s first nuclear power station Calder Hall. Today the firm is installing M&E, heating, ventilating and air conditioning systems at Hinkley Point C and holds a place on the Sellafield decommissioning programme. Defence and nuclear frameworks are core recession-resilient markets, Stockton says.<\/p>\n

The aviation sector is also part of the mix. The firm has worked on projects at Gatwick and Heathrow and recently contributed to Manchester Airport\u2019s \u00a31bn transformation programme.<\/p>\n

The wider market remains challenging. Stockton notes that high interest rates and economic uncertainty have made customers cautious. The firm therefore has stringent selection criteria for new work. After Britishvolt\u2019s collapse, it is particularly alert to supply chain fragility. Late payments, he says, have driven insolvencies across the sector, with failures placing pressure on surviving firms. Stockton contrasts this with NG Bailey\u2019s performance on payment times, claiming the firm remains a top performer among peers.<\/p>\n

Maintaining a strong balance sheet has been a key differentiator for customers seeking stability, he adds. The stance has meant prioritising bottom-line returns over top-line growth. This approach helped lift NG Bailey\u2019s order book to \u00a31.6bn in the latest accounts, up from \u00a31.4bn.<\/p>\n

The firm took on its first apprentices in 1934 and continues to expand its intake. Stockton says 53 joined last year \u2013 a critical step given the structural skills shortages facing the sector. He stresses the need to recruit and retain talent across all functions to deliver future growth.<\/p>\n

Investment in training and development programmes continues, building on a legacy that includes the launch of one of the UK\u2019s first electrical academies in the 1960s. \u201cOur strong financial position and balance sheets mean we are able to invest in talent,\u201d he says. \u201cEvery colleague plays a vital role in our journey. We\u2019re starting from a position of strength \u2013 and with the energy, expertise, and culture we\u2019re building together we\u2019re ready to achieve even greater things.\u201d<\/p>\n

Looking ahead, \u201cselective, low-risk, strategic acquisitions\u201d remain firmly part of NG Bailey\u2019s strategy, Stockton says. Its Journey to 2030 plan sets out a path focused on selective, low-risk purchases that broaden capability without stretching risk appetite. Last February\u2019s acquisition of ductwork manufacturer OSM Ventilation was the latest move.<\/p>\n

Stockton says the firm expects significant opportunities in the coming years and is prepared to spend strategically. \u201c[We] have committed to investing for the long-term,\u201d he says. \u201cOur ambition is to strengthen our position as leaders in the built environment and infrastructure services sectors by staying true to our values, embracing new opportunities, and continuing to innovate.\u201d<\/p>\n<\/div>\n

Read More<\/a>
\n Nicola Harley<\/p>\n","protected":false},"excerpt":{"rendered":"

After 18 months as NG Bailey\u2019s chief executive, Jonathan Stockton\u2019s strategy is paying off In June, NG Bailey announced record revenue of \u00a3662m and a workforce of 3,400. The scale is a far cry from the borrowed wooden cart and dozen staff that launched the firm more than a century ago. Its most recent accounts<\/p>\n","protected":false},"author":1,"featured_media":884872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[266,1458],"tags":[],"class_list":{"0":"post-884871","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-giant","8":"category-turning"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/884871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=884871"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/884871\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/884872"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=884871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=884871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=884871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}