An East Yorkshire offsite construction specialist has secured an £11m funding package from Barclays to support growth plans.
Premier Modular was established in 1956 and is headquartered at Brandesburton.
The business offers design, offsite manufacturing, fitting out and construction services to contractors and clients, providing modular buildings in the education, commercial, industrial, construction, welfare, healthcare and residential sectors.
Barclays provided total funding of £11m by way of term loan and working capital facilities.
Craig Glover, financial director at Premier Modular, said: "Barclays has been working with us both in the UK and South Africa to provide a package of financial facilities to support our expanding range of products and diversification into new sectors.
"Our financial performance is one of the strongest in the offsite sector. We have achieved significant growth in the last eight years, taking Premier to a £65m turnover business. We have increased market share in our core sectors - commercial, industrial education and healthcare and are diversifying into new markets such as residential.
"We are also expanding into new geographical areas, for example building on the success of our hire business in London to supply construction site accommodation to contractors across the UK."
Steve Ferguson, Barclays relationship director, put together the funding package for the deal and added: "Premier Modular is a well-managed and ambitious company that is investing for the future and contributing to the national and local economies. With a strong reputation for quality and an exciting pipeline we're delighted to support the business as they continue to grow despite the current economic challenges."
Premier Modular has recently secured a contract for the provision of modular buildings for Covid-19 testing sites across the UK.
Source: Insider Media
