The sale has secured the future of Caledonian Modular, described as the UK’s largest modular construction company, and saved more than 200 jobs at its Newark site.
Administrators of Caledonian, Mike Denny and Mark Firmin from Alvarez & Marsal, announced today that the company had been sold to JRL Group following an independent sale process.
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.”
JRL Group, owned by John Reddington and Kevin Keegan (but not that one) includes 10 separate trading companies, including J Reddington Ltd, McMullen, Midgard Design Services, London Tower Cranes and JRL Drylining. Its latest accounts show turnover of £569m in 2020 and £26m profit before tax.
Caledonian Modular made a pre-tax loss of £2.8m in the year to March 2020 on £45m turnover.