Van Elle
{{short description|British rail infrastructure company}}
{{Infobox company
| name = Van Elle Limited
| logo = Van Elle logo.png
| type = Public limited company
| traded_as = {{lse|VANL}}
| defunct =
| foundation = {{start date and age|1984}}
| location = Nottinghamshire, East Midlands, United Kingdom
| key_people =
| industry = Deep foundation, Track (rail transport)
| operating_income =
| net_income = £3.2m UK (2016){{r|con}}
| num_employees =
| parent =
| subsid =
| homepage = {{url|https://www.van-elle.co.uk/}}
| caption =
| footnotes =
}}
Van Elle is a piling and rail infrastructure company based in Nottinghamshire, between Pinxton and Kirkby-in-Ashfield, in the United Kingdom. It is listed on the sub market of the London Stock Exchange AIM.
History
The company was founded in 1984, by structural engineer Michael Ellis.{{cite web|url=https://www.theconstructionindex.co.uk/news/view/van-elle-needs-me-back-ellis-insists|title=Van Elle needs me back, Ellis insists|date=11 December 2017|publisher=Construction Index}} In the year to 30 April 2015, Van Elle’s turnover rose 57% from 2014's £46m to £72.5m for the year to April 2015. Profit more than tripled, from £2.8m to £9m, and headcount grew from around 300 to over 400.{{cite news|title=Van Elle’s new rigs|url=http://www.theconstructionindex.co.uk/news/view/van-elles-new-rigs|accessdate=21 January 2018|work=The Construction Index|date=17 June 2015}}
In October 2016, the company was floated on the AIM sub market of the London Stock Exchange, achieving a market capitalisation of £80m. Van Elle was forecasting revenues for 2016 approaching £85m.{{cite news|last1=Morby|first1=Aaron|title=Van Elle raises £40m in stock market debut|url=http://www.constructionenquirer.com/2016/10/26/van-elle-raises-40m-in-stock-market-debut/|accessdate=21 January 2018|work=Construction Enquirer|date=26 October 2016}}
Ellis retired the following December,{{cite news|title=Van Elle founder bows out|url=http://www.theconstructionindex.co.uk/news/view/van-elle-founder-bows-out|accessdate=21 January 2018|work=The Construction Index|date=3 January 2017}} but remained a shareholder in the company. In 2017, delays in rail projects caused turnover to drop.{{cite web|url=http://www.theconstructionindex.co.uk/news/view/rail-delays-hit-van-elle|title=Piling contractor Van Elle is taking a small hammering itself from delays in rail sector contract starts|publisher=Construction Index|accessdate=21 January 2018}} In November 2017, Ellis started an attempt to remove the company's chief executive Jon Fenton and a senior independent director, Robin Williams, citing concerns about the company's management, departures of key staff and financial forecasts.{{cite news|last1=Williams|first1=Christoper|last2=Tovey|first2=Alan|title=Van Elle faces boardroom battle as founder seeks return|url=https://www.telegraph.co.uk/business/2017/11/11/van-elle-faces-boardroom-battle-founder-seeks-return/|accessdate=21 January 2018|work=Telegraph|date=11 November 2017}}
During the dispute, the company faced questions after it wrote off more than £330,000 of work building a new house for Fenton (who announced he would be stepping down from the company due to a family illness),{{cite news|last1=Williams|first1=Christopher|title=Former chairman attacks Van Elle over £330,000 bill for chief executive's house|url=https://www.telegraph.co.uk/business/2017/11/28/former-chairman-attacks-van-elle-330000-bill-chief-executives/|archive-url=https://web.archive.org/web/20171128213747/http://www.telegraph.co.uk/business/2017/11/28/former-chairman-attacks-van-elle-330000-bill-chief-executives/|url-status=dead|archive-date=28 November 2017|accessdate=21 January 2018|work=Telegraph|date=28 November 2017}} while Ellis accused Van Elle directors of making personal attacks ahead of a shareholders' vote in December on returning him to the board. The board rebutted Ellis's criticism, accusing him of damaging the company.{{cite news|last1=Torrance|first1=Jack|title=Founder steps up war of words with Van Elle board ahead of crucial shareholder vote|url=https://www.telegraph.co.uk/business/2017/12/11/founder-steps-war-words-van-elle-board-ahead-crucial-shareholder/|accessdate=21 January 2018|work=Telegraph|date=11 December 2017}}{{cite news|last1=Garner-Purkiss|first1=Zak|title=Van Elle board slams founder’s power play|url=https://www.constructionnews.co.uk/companies/contractors/van-elle-board-slams-founders-power-play/10025938.article|accessdate=21 January 2018|work=Construction News|date=5 December 2017}}{{cite news|last1=Robinson|first1=Dan|title=Founder of Notts ground engineer Van Elle in boardroom battle to regain control|url=http://www.nottinghampost.com/news/business/founder-notts-ground-engineer-van-914962|accessdate=21 January 2018|work=Nottingham Post|date=12 December 2017}}
At the shareholders meeting, Ellis's bid to return to the board was rejected.{{cite news|title=Van Elle shareholders shut down Ellis’ bid to return|url=http://www.theconstructionindex.co.uk/news/view/van-elle-shareholders-shut-down-ellis-bid-to-return|accessdate=21 January 2018|work=The Construction Index|date=18 December 2017}}{{cite news|last1=Ashwell|first1=Emily|title=Van Elle founder’s bid to return defeated|url=https://www.newcivilengineer.com/business-culture/van-elle-founders-bid-to-return-defeated/10026412.article|accessdate=21 January 2018|work=New Civil Engineer|date=18 December 2017}} In January 2018, the company warned it would potentially lose £1.6 million as a result of the collapse of Carillion, for whom it was working as a subcontractor on projects for Network Rail.{{cite news|last1=Morby|first1=Aaron|title=Carillion fall-out hits Van Elle and Speedy|url=http://www.constructionenquirer.com/2018/01/16/carillion-fall-out-hits-van-elle-and-speedy/|accessdate=16 January 2018|work=Construction Enquirer|date=16 January 2018}} Van Elle also reported uncertainty relating to £2.5m worth of future work for Network Rail, with a potential impact on future financial results.{{cite web|url=https://www.derbyshiretimes.co.uk/news/derbyshire-company-warns-of-adverse-financial-impact-after-carillion-collapse-1-8965880|title=Derbyshire company warns of 'adverse financial impact' after Carillion collapse|date=18 January 2018|publisher=Derbyshire Times|accessdate=21 January 2018}}
Interim results for the year to 31 October 2017, showed the firm made an underlying pre tax profit of £5.4m on turnover of £52.6m.{{cite news|last1=Prior|first1=Grant|title=Van Elle reveals full cost of Carillion collapse|url=http://www.constructionenquirer.com/2018/01/25/van-elle-reveals-full-cost-of-carillion-collapse/|accessdate=25 January 2018|work=Construction Enquirer|date=25 January 2018}} In January 2019, Van Elle reported pretax profits down 54% to £2.4m as turnover fell 18% to £42.9m in the six months to 31 October 2018, with its CEO blaming Carillion's collapse for the profit slump.{{cite news |last1=Sholli |first1=Sam |title=Van Elle boss blames Carillion for profit slump |url=https://www.newcivilengineer.com/latest/van-elle-boss-blames-carillion-for-profit-slump/10039017.article |accessdate=17 January 2019 |work=New Civil Engineer |date=17 January 2019}} Two further profit warnings followed as its share-price halved ahead of its annual results announcement in July 2019.{{cite news |last1=Prior |first1=Grant |title=Piling specialist Van Elle issues another profit warning |url=http://www.constructionenquirer.com/2019/07/19/piling-specialist-van-elle-issues-another-profit-warning/ |accessdate=19 July 2019 |work=Construction Enquirer |date=19 July 2019}}
Results for the year to 30 April 2019 showed a 56.5% fall in pre tax profits (to £4m from £9.2m) as turnover dropped from £103.9m to £88.5m; during the year, the company's share price fell from 82p to 35p, valuing the company at £29m.{{cite news |last1=Prior |first1=Grant |title=Profits halved at piling specialist Van Elle |url=http://www.constructionenquirer.com/2019/07/24/profits-halve-at-piling-specialist-van-elle/ |accessdate=24 July 2019 |work=Construction Enquirer |date=24 July 2019}} The 2020-2021 COVID-19 pandemic caused Van Elle to declare a loss of £700,000 for the six months to 31 October 2020, with revenues down over 20% to £38.3m.{{cite news |title=Covid sends Van Elle into the red |url=https://www.theconstructionindex.co.uk/news/view/covid-send-van-elle-into-the-red |access-date=20 January 2021 |work=The Construction Index |date=20 January 2021}} In the year to April 2021, the firm reported a pre-tax loss of £1.4m, following its £2.2m loss in 2019, with revenues stable at £84m.{{cite news |last1=Morby |first1=Aaron |title=Van Elle eyes return to profit after second year of losses |url=https://www.constructionenquirer.com/2021/08/17/van-elle-eyes-return-to-profit-after-second-year-of-losses/ |access-date=17 August 2021 |work=Construction Enquirer |date=17 August 2021}} However, the company returned to profitability in the half year to October 2021.{{cite news |last1=Morby |first1=Aaron |title=Piling specialist Van Elle returns to profit |url=https://www.constructionenquirer.com/2022/01/31/piling-specialist-van-elle-returns-to-profit/ |access-date=31 January 2022 |work=Construction Enquirer |date=31 January 2022}}
In October 2023, Van Elle strengthened its presence in southeast England through the acquisition of rival firm Rock & Alluvium from Galliford Try in a deal worth up to £3.8m.{{cite news |last1=Morby |first1=Aaron |title=Van Elle buys piling rival Rock and Alluvium for £3.8m |url=https://www.constructionenquirer.com/2023/10/26/van-elle-buys-piling-rival-rock-and-alluvium-for-3-8m/ |access-date=27 October 2023 |work=Construction Enquirer |date=26 October 2023}}
References
{{reflist|30em}}
Category:1984 establishments in England
Category:British companies established in 1984
Category:Construction and civil engineering companies of the United Kingdom
Category:Companies based in Nottinghamshire
Category:Construction and civil engineering companies established in 1984