Deal puts it on course to build 3,500 a year by 2024, firm says
The modular housing business set up by insurance giant L&G has secured planning permission for a 154-home scheme close to its factory in Sherburn-in-Elmet, near Leeds.
The scheme (pictured) in Selby, North Yorkshire, is the first where L&G Modular has bought the land and secured consent and represents a significant step forward for the business, which has so far delivered only small pilot projects since being set up in 2016.
L&G said the scheme, which will provide up to 130 jobs during construction, put it on course for its ambition to deliver 3,000 homes per year by 2024. The firm will immediately scale up its business, hiring an extra 50 people to deliver the project.
Rosie Toogood, CEO of Legal & General Modular Homes, said: “Achieving planning permission for this Selby scheme is a fantastic milestone for the business, and a major achievement for the team, particularly set against the current backdrop.”
L&G said it now has a pipeline of 350 homes in total and that the modular business had proved resilient to covid-19, re-opening last week with new social distancing measures and without applying for financial assistance to the government.
The business has struggled since being set up, with accounts last year revealing it has racked up losses of £76m in three years, including a £28m write-off of fixed assets at its 550,000 sq ft factory.
In March, L&G Modular was selected by Bristol Council to deliver 190 homes on the council-owned Bonnington Walk site in Lockleaze.