Building materials distribution giant SIG has sold its modular offsite construction business for a £1 to regeneration specialist Urban Splash Modular.
Manchester-based Urban Splash originally made its name by acquiring unwanted Victorian mills and transforming them into apartments and offices for the creative industries.
It is now focused on modular housing and launched its offsite concept House last year.
The sale of the loss-making SIG Building Systems forms part of the new management team’s strategy to focus on core business.
After closing its bathroom pod Metechno operation last May, panelised room-in-roof manufacturer RoofSpace is now the only remaining offsite construction business at the group.
Building Systems reported sales of £9.2m in 2016 but suffered a £5.7m loss. Assets worth £4.5m will be transferred in the sale.
SIG expects book an exceptional charge in 2017 of nearly £8m relating to the divestment.
In addition to the sale of Building Systems, SIG sold GRM this month, a small manufacturer of phenolic pipe insulation serving industrial and HVAC markets, to a subsidiary of Kingspan Group plc for an undisclosed sum.
from Construction Enquirer http://www.constructionenquirer.com/2018/02/28/urban-splash-buys-sig-sells-modular-business-for-1/
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