{"id":509171,"date":"2024-11-08T12:29:44","date_gmt":"2024-11-08T12:29:44","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=509171"},"modified":"2024-11-08T12:29:44","modified_gmt":"2024-11-08T12:29:44","slug":"jrl-to-sell-stake-to-overseas-buyer","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/ma\/jrl-to-sell-stake-to-overseas-buyer-08-11-2024\/","title":{"rendered":"JRL to sell stake to overseas buyer\u00a0"},"content":{"rendered":"

An overseas developer is set to buy a stake in JRL, the company has revealed.\u00a0<\/span><\/p>\n

JRL has declined to name the buyer but confirmed to Construction News<\/em> that a deal had been agreed for the investor to acquire a non-controlling stake in the company.\u00a0<\/span><\/p>\n

JRL was ranked 27th in the CN100 2024<\/a> and owns 14 firms including contractor Midgard. It turned over \u00a3826m in 2023<\/a>, employing an average of 2,278 people.\u00a0<\/span><\/p>\n

A spokesperson for JRL said: \u201cAn international conglomerate and property developer has agreed to invest in the business.<\/p>\n

\u201cThe transaction, which will see the partner acquire a non-controlling equity stake in JRL, will significantly strengthen the position of the business and allow it to deliver on its strong pipeline.\u00a0<\/span><\/p>\n

\u201cThe business has a strong orderbook of \u00a31.5bn and several high-value contracts secured over the coming years.\u201d<\/p>\n

JRL is currently owned by five people, including chairman John Reddington, who founded the group in 1996.\u00a0<\/span><\/p>\n

Last month JRL admitted it had made a combined loss of \u00a380m<\/a> in 2022 and 2023, largely due to difficulties in its envelope business McMullen Facades \u2014 with Reddington saying economic instability, material shortages, inflation and project delays all had an impact.\u00a0<\/span><\/p>\n

The company is working on several major projects, including a \u00a3400m residential scheme<\/a> in Battersea (pictured) for Excel Winner, a developer controlled by Hong Kong-based CC Land. \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

An overseas developer is set to buy a stake in JRL, the company has revealed.\u00a0 JRL has declined to name the buyer but confirmed to Construction News that a deal had been agreed for the investor to acquire a non-controlling stake in the company.\u00a0 JRL was ranked 27th in the CN100 2024 and owns 14 …<\/p>\n","protected":false},"author":90383,"featured_media":508073,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false},"categories":[552,553],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\t\n\t\n\t\n