Premier Modular, an East Yorkshire modular building specialist, has successfully closed a £360m refinancing package to fuel its continued expansion. The deal, which includes a term loan, capex facility, and revolving credit facility, was supported by a syndicate of leading European infrastructure lenders.
Refinancing Details and Lender Confidence
The refinancing reflects strong lender confidence in Premier Modular’s business model, the quality of its fleet, and the structural growth dynamics of the UK and Western European modular building market, according to the company. The new facilities provide capital to fund continued investment in its fleet, pursue selective growth opportunities, and expand into Western Continental Europe.
David Harris, CEO of Premier Modular, said: “This refinancing is an important milestone for Premier Modular and reflects the confidence our banking partners have in the business. We have built a market-leading platform with a high-quality, modern fleet and a long-standing customer base, and this financing gives us the firepower to continue investing in that platform.”
Growing Demand and Production Expansion
Demand for flexible, high-quality modular space in the UK has never been stronger, and Premier Modular is capitalising on that opportunity. Earlier this year, the company announced a move towards round-the-clock production to keep pace with demand. The new operating model will require additional workforce capacity and further job creation for the local community.
Premier Modular’s factory was expected to generate an additional 1,000 production hours per week by May, rising to approximately 1,600 hours per week from July—representing a more than 300% increase in hours from the initial escalation stage in April. To accommodate the growth, a further 40 to 50 positions were to be created as night-shift operations continue to develop.
Client Base and Market Position
The company, based in Brandesburton near Driffield in the East Riding of Yorkshire, constructs modular buildings for high-profile clients including the NHS, Manchester Airport Group, and Timpson. It is backed by Cabot Square Capital and MML Capital Partners through its Keystone infrastructure-focused fund.
