The assets of modular UK builder TopHat’s Derby factory are being auctioned off after the firm closed the site.
The news is the latest blow to the off-site modular building sector, with the likes of L&G and others also having closed large loss-making factories.
According to its most recently available financial results for the year ended October 31, 2022, the company posted a loss of £20.4m from a turnover of £10.2m. The previous year it had recorded a loss of £19.5m.
The 125,000ft2 factory in Derby has the capacity to produce 800 homes per year, timber materials forming a large part of production.
More than £150m of private sector funding backing had been received by the firm to date, including from leader investor Goldman Sachs. Persimmon and Aviva were also backers.
The company said the losses were mainly the result of a continued investment in the future growth of the business, which is increasing the cost base of the company.
Earlier this year, TopHat said it has postponed development of another larger factory at Corby.The assets being auctioned off included an entire modular building assembly line, a Hundegger timber processing machine, forklift trucks and a large amount of timber products.
