Funding body makes lending facility available despite recent high-profile failures
Homes England has agreed to lend TopHat 拢15m as the volumetric modular housebuilder seeks to ramp up production to 4,000 homes year.
TopHat said the move reflects the 鈥渙ngoing commitment from government to the crucial role that offsite methods of construction, including volumetric, will play in increasing the supply of quality new homes鈥�.
The developer, which earlier this year raised 拢70m from investors including Aviva Capital Partners and Persimmon, is planning to open its new factory in Corby, Northamptonshire next year.
The new modular factory, described as Europe鈥檚 largest, is intended to allow TopHat to increase production to 4,000 homes a year. It currently builds around 800 a year through its existing factory in Derby.
The decision by Homes England to invest in TopHat follows numerous high-profile failures in the volumetric market, including and and the decision by
Jordan Rosenhaus, chief executive of TopHat said: 鈥淔ollowing 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.鈥�
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Peter Denton, chief executive of Homes England, said the funding will allow TopHat to create 1,000 jobs and increase its delivery capacity fourfold.
He said: 鈥淚t is vital we continue to support innovations that promote a diverse, efficient homebuilding sector.
鈥淭his is about a long-term commitment to driving forward the creation of quality, thriving places for people to live and work.鈥�
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