L&G’s modular housing business amassed accumulated losses of £295m in its abortive foray to modernise the house building industry with factory-assembled homes.

Latest results posted since the decision to close its modular 550,000 sq ft factory near Selby reveal the business lost just over £120m last year year capping off seven years of heavy losses.

The firm also revealed after closing its North Yorkshire factory this summer, it now planned to wind down operations and commitments on existing sites by June 2025.

Future project and capital expenditure not provided for in the latest accounts to meet commitments at three remaining sites has been estimated at £18m.

L&G Modular Homes’ struggled to progress scheme because of planning but its problems came to a head this year after an outbreak of black mould throughout many units stored under canvas outside the factory.

The firm was also forced to dismantle homes built at a 185-home Bristol scheme after foundation problems were uncovered.

The Bonnington Walk development in Bristol was one of L&G Modular Homes’ flagship schemes but dozens of completed homes have had to be entirely dismantled.