Partnerships housebuilder Countryside is to sell its brand-new modular housing factory at Bardon, Leicestershire as part of a plan to reduce losses identified earlier this year in its manufacturing business.

Just two years ago the firm was trumpeting plans to invest £20m in the timber frame factory, designed to produce 3,500 homes per year at peak capacity, but after chief executive Iain McPherson left at the start of this year in the wake of a shock profit warning, Countryside’s modular housing business was identified as a major source of losses for the group.

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