Legal & General (L&G) Modular Homes has closed its offsite factory as part of its ongoing wind-down.
During the year the company continued to wind down its operations, handing over 102 homes, up from 20 in 2024, including activities at its final live site in Bristol.
Due to these measures, along with the closure of its manufacturing facility leading to reduced operational costs, losses came down last year to £4.3 million (FY24: -£9.4 million).
However, although L&G recorded an improved revenue position of £26.3 million for FY25, up from £5.3 million the year before, the firm made an operating loss of £8 million last year, following a £9.8 million loss in 2024.
L&G, part of L&G Group, finished the financial period with a stable balance sheet, recording £3.8 million of cash in the bank (FY24: £5.2 million) and net assets of £7.6 million (FY24: -£6 million).
The factory closure was brought on by pressures during the coronavirus pandemic era and related delays, contributing to company losses.
A financial statement reads: “Following the decision made in 2023 to cease production and reduce business operations, the principal activity of the company is to close the factory, complete existing housing developments and wind down the business once all these activities are complete.”
Adding: “The company completed the closure of the factory in the year with the lease being surrendered during the period.”
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