CREDIT: Francesco Russo
An overseas developer is set to buy a stake in JRL, the company has revealed.
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.
JRL was ranked 27th in the CN100 2024 and owns 14 firms including contractor Midgard. It turned over £826m in 2023, employing an average of 2,278 people.
A spokesperson for JRL said: “An international conglomerate and property developer has agreed to invest in the business.
“The 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.
“The business has a strong orderbook of £1.5bn and several high-value contracts secured over the coming years.”
JRL is currently owned by five people, including chairman John Reddington, who founded the group in 1996.
Last month JRL admitted it had made a combined loss of £80m in 2022 and 2023, largely due to difficulties in its envelope business McMullen Facades — with Reddington saying economic instability, material shortages, inflation and project delays all had an impact.
The company is working on several major projects, including a £400m residential scheme in Battersea (pictured) for Excel Winner, a developer controlled by Hong Kong-based CC Land.
