An £11 million funding package has been secured by East Yorkshire offsite construction specialist Premier Modular as it looks to realise ambitious growth plans.
The Brandesburton business delivers temporary and permanent solutions, and has been held up as a halo operation during the coronavirus pandemic, providing Nightingale Hospitals, ward expansions and testing stations.
It is also enjoying strong growth in emergency accommodation provision.
The deal includes a term loan and working capital facilities with Barclays.
Craig Glover, financial director at Premier Modular, said: “Barclays has been working with us both in the UK and South Africa to provide a package of financial facilities to support our expanding range of products and diversification into new sectors.
“Our financial performance is one of the strongest in the offsite sector. We have achieved significant growth in the last eight years, taking Premier to a £65 million turnover business. We have increased market share in our core sectors – commercial, industrial education and healthcare and are diversifying into new markets such as residential.
“We are also expanding into new geographical areas, for example building on the success of our hire business in London to supply construction site accommodation to contractors across the UK.”
The growth plan was revealed by new managing director David Harris stepped up to replace long-serving Eugenio de Sa, in July. He told how he wants to make the operation into a £100 million turnover business in three years.
This year has already seen two major recruitment drives, with numbers now almost at 300.
Steve Ferguson, Barclays relationship director put together the funding package for the deal.
He said: “Premier Modular is a well-managed and ambitious company that is investing for the future and contributing to the national and local economies. With a strong reputation for quality and an exciting pipeline we’re delighted to support the business as they continue to grow despite the current economic challenges.”
