Simon Hamilton, economy minister in the Northern Ireland Assembly, welcomed the investment which includes the creation of 38 jobs.

The McAvoy Group has plans to increase its turnover to £100m by 2020 and hopes the multi-million-pound investment over the next four years will help it grow its construction division.

The investment is backed by Invest Northern Ireland, which has offered an employment grant of £198,000 to support the creation of 18 of the jobs.

Mr Hamilton said the McAvoy Group had been a leading player within the offsite modular construction sector in Great Britain and the Republic of Ireland.

“The company is driving forward a robust growth strategy targeting new clients and procurement frameworks in the healthcare, education, residential and commercial markets.

“This multi-million-pound investment will help the company to achieve its ambitious growth targets as well as contributing additional salaries to the local economy.”

Mr Hamilton thought that the anticipated sales growth could have a positive impact on the Northern Irish economy.

“The McAvoy Group is a great example of a local company achieving significant growth as a result of their ongoing commitment to invest in innovation and skills development.

“With support from Invest NI’s Skills Growth Programme the company is undertaking a leadership and talent management programme, which will ensure that its senior staff are equipped with the skills they need to deliver against the company’s growth targets.”

Eugene Lynch, managing director of the McAvoy Group, said the investment was focused on growing its permanent modular construction division and consolidating the firm as a key player in the market.

“The new roles are in design, contract and cost management positions and we plan to recruit a further 14 jobs as well as graduates and apprentices roles over the next 12 months.

“We have been successfully operating as a principal contractor in recent years and this strategic development is aimed at replicating our success in the education sector within other sectors.”