Cabot Square Capital says covid has driven surge in offsite construction

Investment firm Cabot Square Capital has acquired a majority shareholding in offsite construction specialist Premier Modular, which is currently working on a range of schemes including the construction of covid-19 testing sites.

Premier Modular last month said pre-tax profit was up 23.2% to £7m on turnover up a quarter at £65.7m in the year to June 2020.

Premier Modular L to R David Harris, Dan Allison, Craig Glover  028 (4)

Source: Premier Modular

Premier Modular directors David Harris, Dan Allison and Craig Glover

High-profile schemes delivered by the East Yorkshire firm include a £50m project to provide office and welfare buildings at the Hinkley Point nuclear power plant in Somerset, awarded to the business under the name of Waco UK.

In addition, to a multi-million-pound contract for the rapid construction of coronavirus testing sites, Premier Modular has just been awarded a £7m contract for a 62-bed ward building at St Peter’s Hospital in Chertsey, Surrey.

It is also working on several apartment schemes following its expansion into the residential sector last year.

Cabot Square partner Keith Maddin said the investment firm’s portfolio already included NetZero Buildings, which manufactures energy-efficient buildings for the public sector, and Public Sector Plc – a specialist asset manager that partners with local government and housing providers.

“MMC and offsite manufacturing are revolutionising the construction industry,” he said.

“We are seeing significant growth as more public and private sector clients develop a deeper understanding of the speed, quality, cost, environmental and social benefits of moving construction into a controlled factory setting.

“There has also been a surge in interest in offsite following the covid-19 pandemic as more construction clients and contractors recognise how the approach can reduce risk and disruption on site.”

Maddin said Premier was a high-performing, profitable business that manufactured high-quality building solutions and continued to expand its hire fleet.