CO Tyrone modular buildings maker McAvoy, which was acquired two years ago by funds managed by Blantyre Capital, is making a substantial investment to expand its modular fleet with a new ‘SmartSpace' product range.
The investment - prompted by strong market demand across sectors like health, education and commercial - will more than double the capacity of it semi-permanent modular fleet and create around 50 more jobs.
Chief executive Ron Clarke said: "The investment will be made over 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 expect the creation of this additional capacity will help drive the planned growth of our business in the UK over the next two or three 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."
He added: "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."
Glen Busby, the firm's director of modular rental and sales , said the first of the new modular units would be deployed as part of a major health project in England.
He said: "This investment has the potential to be a real game-changer 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 (https://www.mcavoygroup.com) says it expects the business to deliver revenues ahead of budget for 2022, with significant progress made in securing forecast revenues for 2023.
