The main Northumberland based trading company Merit Holdings went under owing suppliers £17m.
A new business Merit Industrialised Construction, which was established in November 2025, has acquired intellectual property, design systems and manufacturing know-how from the administrators Interpath.
The new company is majority owned by Modulex Modular Buildings which is based in London and has its main factory in India.
The CEO of Merit Industrialised Construction is Tony Wells who founded the original business.
The new company said the directors “are acutely aware of the impact that the administration process has had on suppliers and other stakeholders connected to the former businesses.”
Wells added: “The administration of the former businesses was a difficult outcome and resulted in the loss of a significant manufacturing presence in the region.
“Merit has been created to move forward positively, supported by strategic investment and international opportunity, with a focus on design, manufacturing and delivery excellence.
“Merit represents a new chapter. The business has been established with new investment partners, new governance and a refreshed operating model. This structure allows us to build on proven intellectual property while developing new capabilities for the future.”
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Grant Prior