At the very start of RED Construction, the Paragon Building was our inaugural project and led to the investment needed to make our current form possible. The project commenced with another Contractor who had fallen into difficulties early in the scheme. Simon Lousada, as a major JV partner of the development, commissioned RED to audit the current work and derive a recovery strategy.
The incumbent Contractor agreed that in the interests of the scheme they would no longer continue and the Client agreed to run an open book project with the founding RED team to complete the scheme. This excellent working relationship led to Simon investing in RED and becoming a significant shareholder. The £3m project has now been completed to the agreed specification with all 27 units sold prior to the completion.