Firm鈥檚 cumulative losses now total more than 拢350m

Insurance giant Legal & General鈥檚 (L&G) failed modular business made a further pre-tax loss of 拢61.1m in 2023.

The business, known as L&G Homes Modular Limited, is in the process of a phased wind-down after its parent company decided in May last year to cease production.

Its factory at Sherburn-in-Elmet in North Yorkshire had once been intended to build 3,500 homes a year but after years of losses L&G decided to shutter the facility.

L&G modular factory

L&G had planned the factory to be producing 3,500 homes a year

Results for the year ended 31 December 2023 show that another 12 months of losses brought the group鈥檚 cumulative pre-tax loss over eight years of operation to 拢359m. 

The principal activity of the company is now to close down its 550,000 sq ft plant, complete existing housing developments and wind down the business.

It recorded revenue of 拢12.4m in 2023, down from 拢39.9m the previous year, and completed schemes at Broadstairs in Kent and Selby in North Yorkshire.

L&G Modular is continuing its activities at its final live site in Bristol and expects to complete its phased wind-down next year.

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