Modular specialist looks to double turnover
McAvoy Group is investing £10m in its offsite modular construction capabilities in a bid to double turnover to £100m by 2020.
Over the next four years Northern Ireland-based McAvoy is looking to expand its permanent modular construction division, replenish its hire division stock and invest in new IT. It plans to create 38 new jobs in the process.
In 2015 McAvoy turned over £46.5m, a 30% rise on the previous year's £35.5m. Pre-tax profits more thn doubles to £1.1m.
Invest Northern Ireland has offered McAvoy an employment grant of £198,000 to support the creation of 18 of the jobs and £135,000 under it Skills Growth programme towards the company’s training activities.
Managing director Eugene Lynch said: “This investment is focused on growing our permanent modular construction division and consolidating the company as a key player in the UK market. The new roles are in design, contract and cost management positions and we plan to recruit a further 14 jobs as well as graduates and apprentices roles over the next 12 months.
“We have been successfully operating as a principal contractor in recent years and this strategic development is aimed at replicating our success in the education sector within other sectors.”
McAvoy says that over the past 44 years it has delivered more than three million square metres of modular accommodation for the education, health, commercial, infrastructure and hospitality sectors. It recently handed over an £18m project for Goresbrook School in Dagenham and is currently working on a £20m project for Lynch Hill School in Slough – one of the UK’s largest ever offsite modular constructed secondary schools.
Northern Ireland economy minister Simon Hamilton, on a visit to the company, said: “The McAvoy Group is a great example of a local company achieving significant growth as a result of their ongoing commitment to invest in innovation and skills development. With support from Invest NI’s Skills Growth Programme the company is undertaking a leadership and talent management programme, which will ensure that its senior staff are equipped with the skills they need to deliver against the company’s growth targets.”
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This article was published on 27 Oct 2016 (last updated on 27 Oct 2016).