Modular pod manufacturer set to create 125 jobs with £250,000 investment

A company that specialises in the design and manufacturing of modular pods has secured £250,000 to help create 125 new positions over the next three years.

Coventry-based Modpods International received the funding from the Midlands Engine Investment Fund (MEIF) provided by The FSE Group Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS). The MEIF funding will also support increased factory capabilities and the fulfilment of new contracts.

ModPods International designs and builds modular housing pods for the public and private sector. The company offers an affordable, fast and simple home in a third of the time when compared with traditional constructions.

The ModPods are built off-site in a factory, then installed and can be ready to occupy the same day. They are made of lightweight steel and can be customised with sustainable, reusable technology as well as having thermal properties to make them an environmentally sensible option.

Pete Farrelly, founder and CEO of Modpods, said: “I am delighted by how far ModPods has come in such a short space of time, and of the positive effect they are able to have on an area. Our homes are designed specifically to help tackle the national housing shortage and they do this by being fast to build, affordable and brownfield site-friendly. Meaning that they can be used on sites that are often inaccessible for traditional brick-built dwellings.

“They give an important role to often disused areas of land that may have previously been unsightly and offer clients a return on their investment at the same time. We’re very grateful for this latest funding which will enable us to grow the business, bringing more homes to people in need of housing solutions.”

Harriett Saunders, fund executive at The FSE Group, which manages the MEIF Debt Finance Fund, added: “Pete and the team at ModPods have over 20 years’ experience in their industry which is evident when you see their exceptionally well-designed homes. The quality of their product is proven by their list of current clients which includes UK Councils, Housing Associations and customers from the private sector. ModPods are a great example of a high growth business that our funds in the Midlands look to support, we wish them all the best for the future.”