Caledonian Modular administrators have announced that the modular construction company has been sold out of administration to the JRL Group, thereby saving more than 200 jobs at its Carlton-on-Trent location in the UK.
Earlier in March, Caledonian Modular fell into administration.
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Mike Denny and Mark Firmin from professional services firm Alvarez & Marsal took over the modular construction company as administrators.
Caledonian Modular, which manufactures modular buildings, reported a pre-tax loss of £2.8m from turnover of £45.3m filed at Companies House for the year to March 21 2020.
The firm had then employed 222 staff.
After an independent sale process, Caledonian Modular was sold to JRL Group, an integrated construction business with sites across the UK.
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By GlobalDataThis deal has secured the future of Caledonian Modular, which is a leading modular construction company in the UK.
Alvarez & Marsal managing director Mike Denny said: “The twin challenges of the pandemic and rising inflation have placed strain on balance sheets for businesses across the UK, including those in the construction sector.
“We are delighted to have secured a sale of the business to JRL Group, rescuing the UK’s largest modular construction specialist.
“We wish the business and its new owners every success for the future.”
With a 40-acre location, Caledonian Modular provides modular buildings to several industries including hotels, schools and colleges, prisons and custody suites, the military, residential and retail.
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Image: Earlier in March, Caledonian Modular fell into administration. Credit: Pexels from Pixabay.
