Andrew Shepherd leaves the firm at the end of this week after nearly four years at the business that has yet to make a profit.

He said:  “After a roller-coaster near-four years in the world of modular house building I will be moving on to a new challenge.

“I wish my colleagues all the best moving forward and would like to express my personal gratitude for all their hard work and dedication.

“The team has achieved so much under some, lets be honest, challenging circumstances. ”

His departure comes after the Goldman Sachs-backed modular builder announced a cost-cutting programme two months ago.

This involved consultations for 70 redundancies.

A spokesperson for TopHat, said: “2023 was a challenging period for the housing sector at-large, where a tough inflationary climate coincided with supply chain disruption. And, as a newer industry, MMC has been hit harder still.

“Despite the growing understanding that volumetric modular is a key part of the solution to the housing crisis, we can’t yet see signs of the market coming back and have needed to take prudent action to ensure the business remains healthy, protected, and ready for the upturn when it comes.

“This has meant some scaling back, and some personnel losses in this period of restructuring.”

TopHat has been trading since 2016 with investors – who also include Aviva and Persimmon – pumping in £200m of funding since then.

Latest results for TopHat Industries Ltd for the year to October 31 2022 showed pre-tax losses increased to £20.4m from £19.4m last time as turnover dipped to £10.2m from £12.3m while the company then employed 212 staff.