Creditors fear £4m (AUD $7.7m) blow from UK modular builder M-AR entering administration last week.
In late October, UK-based modular builder, Module-AR (M-AR), situated in Hull announced its intention to enter administration. It has now formally entered administration with suppliers and subcontractors facing substantial losses.
Records at Companies House (UK’s equivalent to Australia’s ASIC) reveal Begbies Traynor, a business recovery specialist, assumed control of the company late last week. The firm operates a 9,300 sqm factory and has recently secured places on the UK Government’s £10 billion (AUD $19.2 billion) Offsite Solutions Framework and the LHC Procurement Group’s Modern Methods of Construction of New Homes (NH3) Framework.
M-AR’s latest financial statements show a turnover of £29.9m (AUD $57.5 million) for the year ending 31 March 2022, yielding a pre-tax profit of £815,000 (AUD $1.56 million).
These accounts also indicate the firm employed 73 staff and had debts of £3.9m (AUD $7.5 million) to trade creditors.
Having been in operation for over 15 years, M-AR recently refined its mission statement, emphasising innovation and collaboration in their work. The statement reads: “Being brave enough to drive change through fresh thinking and collaboration in everything we do. Delivering exceptional projects, breaking down the barriers, and inspiring a new generation of construction professionals.”