L&G’s failed modular housing business records £61.1m loss as it continues phased wind-down

Insurance giant Legal & General’s (L&G) failed modular business made a further pre-tax loss of £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.

Results for the year ended 31 December 2023 show that another 12 months of losses brought the group’s cumulative pre-tax loss over eight years of operation to £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 £12.4m in 2023, down from £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.