Yorkshire modular building specialist to invest £11m in ambitious growth plans

The company, which is based in Brandesburton, East Yorkshire, provides design, offsite manufacturing, fitting out and construction services to contractors and clients who need temporary and permanent modular buildings.

The firm, which has a £65m turnover, works in the education, commercial, industrial, construction, welfare and healthcare sectors.

The investment will come from Barclays by way of a term loan and working capital.

Craig Glover, financial director of Premier Modular, said the money would be used to expand its market share in existing sectors and diversify into new markets, including residential.

“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,” he said.

“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 £65m 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.”

Steve Ferguson, Barclays relationship director put together the funding package for the deal and 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.”

A recent report claimed that modular housing is a ‘game changer’ that could deliver 75,000 homes a year and create 50,000 new jobs. Build Homes, Build Jobs, Build Innovation, was co-authored by partner at architect HTA Design, Mike De’ath, and Mark Farmer, chief executive of Cast Consultancy and the Government’s champion for modern methods of construction.

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James Mitchinson