More than 200 jobs have been saved after a Newark company was sold after it entered administration. Caledonian Modular - the UK's largest modular construction business - has been sold to the JRL Group, securing its future and that of its employees.
The Administrators of Caledonian Modular, Mike Denny and Mark Firmin from professional services firm Alvarez & Marsal, have announced that the company has been sold to the group, an integrated construction business with sites across the UK, following an independent sale process.
Caledonian Modular, which has a manufacturing base in Carlton-on-Trent in Newark, employed more than 222 people according to documents filed on Companies House in March 2020. Mike Denny, Managing Director, Alvarez & Marsal, 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.”
Update on plans for tearoom and museum at historic site - read more here.
In 2018/19, the company had a turnover of £50,144,000, compared to £45,317,000 in 2019/20, a 9.6 percent decrease. Caledonian Modular made a loss of £739,000 in 2018/19, before a loss of £2,784,000 in 2019/20, a loss rise of 276.7 percent.
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