TopHat agrees £15m loan with Homes England

Grant Prior 8 months ago

Volumetric modular house builder TopHat has agreed a £15m debt facility with Homes England.

The extra funds follow previous news that TopHat had raised £70m from existing and new shareholders including housebuilder Persimmon and institutional investor Aviva Capital Partners.

The new investment will enable TopHat to scale-up production and accelerate manufacturing capacity as it draws closer to opening Europe’s largest modular housing factory in Corby, Northamptonshire next year.

The firm currently manufactures homes from its first factory in Derby, which is capable of delivering 800 units a year.

The company will begin production from its 650,000 square feet advanced manufacturing facility in Corby in 2024, where it will employ 1,000 people from the local community and manufacture up to 4,000 ultra-low carbon homes every year.

Jordan Rosenhaus, CEO of TopHat said: “The investment TopHat has received from Homes England alongside others, including Goldman Sachs, Persimmon and Aviva Capital Partners, reflects the continuing recognition that it is simply not possible to build enough new homes, including affordable homes, without a strong volumetric modular sector.

“Following some recent, well-publicised challenges, which will always be faced by pioneering, innovative sectors, I am especially pleased that our investors have all recognised the critical importance of expanding the capacity of the sector.”

Peter Denton, Chief Executive of Homes England, added: “This funding will support TopHat to manufacture more than four times the number of new homes it currently can each year. Not only will this significantly increase the delivery capacity of the MMC sector as a whole in the UK, it will also create 1,000 jobs.

“It is vital we continue to support innovations that promote a diverse, efficient homebuilding sector. This is about a long-term commitment to driving forward the creation of quality, thriving places for people to live and work.”

Latest results for TopHat Industries Ltd for the year to October 31 2022 showed pre-tax losses increased to £20.4 from £19.4m last time as turnover dipped to £10.2m from £12.3m.

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