The investment will reinforce JRL’s capital position to support its £1.7 billion (RM9.5 billion) order book and strategic pipeline of high-value contracts in the coming years, UK industry news site Construction Site reported, citing a statement from JRL.
KUALA LUMPUR (Nov 25): IJM Corporation Bhd (KL:IJM) may acquire a 50% stake in financially troubled UK-based construction firm JRL Group, according to multiple news reports.
The investment will reinforce JRL’s capital position to support its £1.7 billion (RM9.5 billion) order book and strategic pipeline of high-value contracts in the coming years, UK industry news site Construction Site reported, citing a statement from JRL.
The value of the acquisition was not disclosed in any of the news reports.
The Edge is reaching out to IJM Corp for comment.
Under the proposed deal, which IJM has yet to formally sign off on, JRL will continue to trade under the JRL name with its various other brands including main contractor Midgard and concrete specialist J Reddington, said Construction Enquirer, another news service for the UK construction sector.
JRL racked up more than £80 million in losses in the past two years in what JRL chairman John Reddington described as “the most challenging” times in its 27-year history.
Both IJM and JRL worked together on a major residential scheme in London known as Royal Mint Gardens. Close to the Tower of London and completed in 2019, the 315,000-square-feet project is also IJM’s first in London.
IJM has also secured eight central London sites for development with another of its partner Network Rail Property.
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