McAvoy, which was acquired by certain funds managed by Blantyre Capital in February 2020, has announced a substantial investment to expand its modular fleet with a new ‘SmartSpace' product range.
The investment will more than double the capacity of McAvoy's semi-permanent modular fleet and create approximately 50 new jobs.
CEO, Ron Clarke said the decision had been made in response to strong market demand, particularly within the health, education and commercial sectors in the UK. He added McAvoy had already secured orders for the new modular SmartSpace range with upcoming projects across the UK and Ireland.
He said: "The investment will be made over a period of two years and will include ongoing Research and Development, Manufacturing, and the implementation of additional infrastructure in terms of people, factory equipment and technology. We envisage the creation of this additional capacity will help drive the planned growth of our business in the UK over the next 2-3 years where we see significant opportunities to increase market share. Our market research, coupled with enquiry levels, has indicated for some time the demand for high quality semi-permanent accommodation across health, education and commercial but also within the pharma, manufacturing, and technology sectors so this decision is all about helping our customers meet those needs. Designed and built to enhanced energy and fire protection standards, this new product provides our customers sustainable and adaptable space solutions.
"Thanks to the support of our investor, Blantyre Capital, SmartSpace will be one of the newest modular fleets in the UK and Ireland, so this investment will be a significant component of our overall sustainable growth plans."
Ron Clarke said there would be additional ongoing investment across the business over the next three years, particularly in relation to ESG, Digital Technology, Recruitment and People Development.
Glen Busby, Director of Modular Rental and Sales at McAvoy, said the first of the new modular units would be deployed later this month as part of a major health project in England.
He said: "This investment has the potential to be a real gamechanger for McAvoy within the Modular Rental and Sales sector. Our ambition is to significantly increase our market share and to be known as a UK and Irish market leader in the supply of high-quality permanent and semi-permanent accommodation for rental or sale. We believe our SmartSpace proposition to be amongst the very best available and with almost 50 years' experience we have a track record and understanding of the modular offsite industry that is second to none."
McAvoy recently reported positive financial results for the six months to 30th April 2021, with a 30% year-on-year increase in revenue. The business will deliver revenues ahead of budget for 2022, with significant progress made in securing forecast revenues for 2023.
McAvoy is currently delivering a series of new Department for Education projects, including one of the UK's first low carbon school buildings as well as a new innovation centre at Porton Science Park.