Offsite contractor Module-AR Limited (M-AR) has been rescued from administration.
Mobile and modular healthcare buildings specialist Vanguard Healthcare Solutions (VHS) has acquired M-AR’s 100,000 sq ft manufacturing facility and partial workforce in Hull after it filed for administration in October.
Accounts for M-AR for the year ended 31 March 2022 showed turnover of nearly £30 million, up from £20.1 million in the previous financial year, and pre-tax profit of £815,823 (FY2021: £802,054).
Its manufacturing facility is understood to be capable of delivering up to 700 units per year.
VHS, which has existing sites in the UK and the Netherlands, said the investment will allow it to add much needed capacity to its temporary and permanent modular space production capabilities for the healthcare sector.
Stephens (M&A) and Eversheds (legal) advised and supported Vanguard on the investment.
“This investment allows us to add much needed capacity to our temporary and permanent modular space production capabilities through its large and well-established factory in Hull and experienced and highly skilled team,” said CEO of Vanguard, Chris Blackwell-Frost.
Adding: “This will undoubtedly complement and enhance the services and products we already offer for our customers.”
Was this interesting? Try Van Elle spots new opportunities after acquisition
If you have a tip or story idea that fits with our publication, please contact the head of editorial rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.