Legal and General Modular, a timber-frame modular housing company owned by insurance giant L&G, reported a pre-tax loss of more than £120m in 2022, according to its latest accounts. The company, which was founded in 2015, had accumulated a total of £174m of losses in the previous seven years. The company said it decided to close its factory in Yorkshire in May 2023, because it had failed to secure enough work to make the business viable. The company had aimed to build 3,500 homes a year from its plant in Sherburn-in-Elmet, near Selby. The company said its losses were mainly due to increased costs to deliver at its existing sites, additional overhead costs to support its growth objectives, and balance sheet impairment impacts following the closure decision. The company increased its revenue from £12.2m to £39.9m in 2022, as it delivered 75 homes to three sites, in Bristol, Broadstairs, and Selby. The company said it will close its remaining sites and commitments by June 2025.