The sale has secured the future of the UK’s largest modular construction company, saving over 200 jobs at its Newark site.
The administrators of Caledonian Modular are global professional services firm, Alvarez & Marsal.
Mike Denny, Alvarez & Marsal managing director, 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.”
JRL Group, owned by John Reddington and Kevin Keegan, includes 10 separate trading companies, including J Reddington Ltd, McMullen, Midgard Design Services, London Tower Cranes and JRL Drylining.
Its latest accounts show turnover of £569m in 2020 and £26m profit before tax.
Image credit: vipman/Shutterstock
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