Caledonian Modular, which fell into administration last month, has been sold to construction business JRL Group.
The deal saves 200 jobs at Caledonian Modular’s Newark site.
JRL Group, based in Borehamwood in Hertfordshire, has a turnover in excess of £280m. The business has multiple divisions offering services ranging from demolition, piling, groundworks and concrete frame construction, to plant hire, tower crane hire, drylining and mechanical and electrical.
Mike Denny, managing director of Alvarez & Marsal, which handled Caledonian’s administration, 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.”
