Offsite construction specialist secures £11m worth of funding
East Yorkshire-based Premier Modular has received funding from Barclays to support ambitious plans for growth.
Established in 1956, Premier Modular Limited is headquartered at Brandesburton.
It provides temporary modular buildings and permanent offsite solutions to fulfil almost any application, site and design.
The business offers design, offsite manufacturing, fitting out and construction services to contractors and clients, delivering buildings in the education, commercial, industrial, construction, welfare, healthcare and residential sectors.
Craig Glover, financial director, Premier Modular Limited, said: “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.
“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.”
Barclays provided total funding of £11m by way of term loan and working capital facilities.
Steve Ferguson, Barclays relationship director, put together the funding package for the deal.
He 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.”