Directors announce the launch of new business

THE boss of collapsed Northumberland offsite construction specialist Merit has promised a "new chapter" with the launch of a recently created business.

- BY TOM KEIGHLEY Business writer [e-mail]

> Newly incorporated Merit Industrialised Construction has taken on certain assets of its failed predecessor Merit Industrialised Construction

Merit Industrialised Construction Limited has acquired assets from its failed predecessor and has the backing of Modulex Modular Buildings plc, a global player in the modular construction space itself backed by investors Red Ribbon Asset Management - and HBEM, a specialist maker of advanced manufacturing sites.

The business includes some of the leadership team from its forerunner, including founder Tony Wells and chair Kirsty Wells.

Acknowledging the impact of the administration of Merit Group and Merit Holdings on suppliers and others, they say the formation of Merit Industrialised Construction means intellectual property and technical innovation can be "taken forward within a newly capitalised organisation". Nearly 300 jobs were lost in November when administrators were appointed to several Merit companies.