Administrators were appointed to the three Thurston businesses this week before a sale was agreed
Nearly 50 East Yorkshire jobs have been secured as a buyer has stepped in to rescue modular buildings firm Thurston Group. Industrial business group GCH Corporation Ltd – which owns a number of companies in the manufacturing sector – has stepped in to acquire Thurston Group in a so far undisclosed deal.
As well as its Wakefield head office, Thurston operated a facility at Catfoss and a six acre factory near Ottringham, where it made modular accommodation for customers in the education, housing and healthcare sectors, among others. Earlier this year it had rescued collapsed Hull firm Alsim System Building which was run out of Stockholm Road and provided cabins and temporary living quarters.
Alsim had encountered problems in the face of growing energy and steel costs, and had come under pressure from creditors. Most of the firm’s 36 staff were made redundant in March.
Administrators Hilary Pascoe, Andrew Poxon and Mike Dillon from insolvency specialists Leonard Curtis were appointed to Thurston Holdings Limited, Thurston Group Estates Limited and Thurston Group Limited earlier this week. They struck a deal with GCH Corporation which already owns two temporary accommodation firms, Newspace Ltd and Stackright Ltd.
The move secures 200 of the 275 jobs previously at the Group. Latest available accounts for Thurston Group limited, covering the year to the end of October 2024, talk of a number of challenges.
Bosses said a backdrop of global economic uncertainty had created a number of difficulties for the group including clients scaling back their investments, decision making delays, and the rising cost of labour and materials. Directors said they had responded to those challenges and cited the acquisitions of Alsim and York’s Storplan as pivotal, while reporting turnover of £46.5m and operating profit of £3.9m.
Despite the efforts, administrators said Thurston had continued to face challenges. And in November Leonard Curtis was brought in to market the business for sale.
Cassie Hutchings, CEO of GCH Corporation, said she was pleased to confirm the acquisition of Thurston Group out of administration, securing the future of the business and protecting jobs. She said: “Thurston is a respected UK manufacturer of modular buildings with a strong heritage and deep sector expertise. As a long-term, privately owned industrial group, GCH is committed to stabilising and investing in the business. We are excited to welcome Thurston into the GCH family and look forward to supporting its next phase of growth.”
Administrator Hilary Pascoe said: “We are delighted to have completed a sale and wish the new owners every success.”
Shoosmiths as solicitors and Gordon Brothers as agents acted for the administrator in the process. Squire Patton Boggs as legal advisers, Teneo, financial advisers and Hilco, valuation partners, acted for the purchaser.