More than 70 jobs have been saved in Hull after a deal was brokered for the failed modular construction company M-Ar.
Administrators have confirmed the business and assets have been acquired by an as yet unnamed third party as a going concern.
The £30 million turnover company, operating out of a huge facility on Freightliner Road, called in officials from Begbies Traynor late last month. A marketing campaign led to negotiations with various parties, ahead of an undisclosed deal being completed. Details have not been divulged, with Companies House yet to be updated and calls to the business not answered following the announcement.
Read more:
- Quarry House emerges as new headquarters to carry John Good Group into third century
- Take a look at C4DI's final element as £22m tech cluster completes
Dean Watson, partner at Begbies Traynor, and one of the two administrators appointed to try and rescue the 16-year-old firm, said: “We are pleased to have completed a going concern sale of the business, which safeguards the jobs of a loyal and skilled workforce. These are particularly challenging economic times for everyone in the construction sector but this acquisition saves jobs and enables operations to continue.”
Brabners and Hilco Valuations Services assisted the transaction.
Module-Ar, as it is registered, employed around 85 people at its peak. Accounts have yet to be filed fro the most recent financial year, but it added £10 million to its revenues in the 12 months to April 2022. The 49 per cent growth came on the back of a tripling from £6.2 million. Lower margins had set in, however, with the company - launched by Rob and Amanda Grimbleby - generating £639,870 profit, down from its £783,000 return in 2021.
Late last year it had completed the £3 million purchase of its sprawling 100,000 sq ft facility, which had given it the capacity to produce 400 units a year, having moved from Melton initially as a tenant of the former Actavo base.
