"Delighted": More than 200 jobs saved at Wakefield's Thurston Group as new owners secured
More than 200 jobs have been saved after new owners purchased a Wakefield modular buildings firm out of administration.
Thurston Group, which is a long-standing manufacturer of modular and offsite buildings, filed a notice to appoint administrators in late November at a point where it employed 275 people.
Restructuring specialists Leonard Curtis were appointed to identify a purchaser for the group, which was put into administration on Monday.
The firm has immediately been sold to Middlesex-based GCH Corporation, with administrators saying the deal “has successfully protected over 200 jobs”. A spokesperson confirmed there had been “some” redundancies.
Cassie Hutchings, CEO of GCH Corporation, said: “Thurston is a respected UK manufacturer of modular buildings with a strong heritage and deep sector expertise. As a long-term, privately owned industrial group, GCH is committed to stabilising and investing in the business. We are excited to welcome Thurston into the GCH family and look forward to supporting its next phase of growth.”
Administrator Hilary Pascoe said: “We are delighted to have completed a sale and wish the new owners every success.”
Thurston Group’s most recent annual results for the year to October 31, 2024, were published this August. They recorded revenue of £46.5m and a £2.5m profit but also warned about “numerous external pressures” facing the construction industry and impacting their business, including decreased client spending, cost inflation and labour shortages.