L&G is still counting the cost of its abortive foray into modular housing as it closes out the last remaining live projects.

Latest accounts for the year to December 2023 show the L&G Modular Homes business reported a further £44m pre-tax loss stemming from the decision to close its modular factory near Selby in June 2023 and build out three remaining sites.

The latest figures take the total reported pre-tax loss amassed over eight years to £359m.

During the year, L&G Modular reached practical completion at its sites in Broadstairs, Kent and Selby in North Yorkshire.

It is continuing its activities to deliver modular housing at its final live site in Bristol.

The firm said it expected to complete the phased wind-down in 2025. Future project expenditure on the scheme was estimated at £12m.