Firm’s cumulative losses now total more than £350m
Insurance giant Legal & General’s (L&G) failed modular business made a further pre-tax loss of £61.1m in 2023.
The business, known as L&G Homes Modular Limited, is in the process of a phased wind-down after its parent company decided in May 2023 to cease production.
Its factory in Sherburn-in-Elmet in North Yorkshire had once been intended to build 3,500 homes a year but after years of losses L&G decided to shutter the facility.
Results for the year ended 31 December 2023 showed that another year of losses brought the group’s cumulative pre-tax loss over eight years of operation to £359m.
The principal activity of the company is now to close down its 550,000 sq ft plant, complete existing housing developments and wind down the business.
>>See also: What does the closure of L&G’s flagship factory mean for the future of modular in the UK?
It recorded revenue of £12.4m in 2023, down from £39.9m the previous year, and completed schemes in Broadstairs in Kent and Selby in North Yorkshire.
L&G Modular is continuing its activities at its final live site in Bristol and expects to complete its phased wind-down next year.
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