L&G Homes Modular takes £20.6m hit

Legal & General has taken a £20.6m hit in its modular home building arm. According to the company’s financial accounts for the year ending 31 December 2018, the modular housing division reported a £20.6m operating loss. The division’s accumulated losses were valued at over £62m. This builds on the losses already racked up by L&G’s modular housing division, after the company reported an operating loss of over £46.15m for 2017. The division delivered its first modular homes in December 2018 to Legal & General Homes for Silva Housing. According to the report, the business has “started to develop a portfolio