An overseas investor is poised to take a stake in Midgard owner JRL Group.
The unnamed international conglomerate and property developer has agreed to invest in the Hertfordshire-headquartered Tier 1 contractor, JRL confirmed.
JRL Group encompasses 10 divisions delivering bespoke solutions for some of the most complex construction projects, with offices in Birmingham and Manchester as well as Borehamwood (Herts).
Other companies under the JRL name include demolition, piling, and groundworks specialist J.Reddington, residential construction business Midgard, London Tower Cranes, facade specialist McMullen, and those offering plant hire, M&E, design, and drylining services, among others.
And while the anonymous investor partner will not acquire a controlling stake in the business, JRL said the transaction will “significantly strengthen” its market position, allowing it to deliver on its pipeline of work.
The group recently reported a two-year combined loss of £83 million, in which JRL chairman John Reddington said 2023 had been ‘one of the most challenging periods in the 27 years of the business’.
“An international conglomerate and property developer has agreed to invest in the business,” a spokesperson for JRL Group said.
“The transaction, which will see the partner acquire a non-controlling equity stake in JRL, will significantly strengthen the position of the business and allow it to deliver on its strong pipeline.
“The business has a strong orderbook of £1.5 billion and several high-value contracts secured over the coming years.”
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