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Modular housebuilder, TopHat, has seen its losses go from bad to worse following the release of its annual accounts for its factory business.
Earlier this week, TopHat Solutions, which oversees development operations for the company, reported losses of £5.1million in 2022 despite almost doubling its revenue. TopHat Industries, which controls the modular factory operations, has also seen a substantial pre-tax loss of £20.4million, an almost 5% increase on the previous year.
The Goldman-Sachs-owned company, which began trading in 2016, is not the first to show the effects of the tough situation that faces the modular housing industry, with L&G Modular and Ilke both ceasing trading this year.
L&G shuts modular housing factory, 450 jobs at risk
Despite the negative figures, TopHat is confident of future profits and has plans to open a second factory in Northamptonshire in 2024. In April, the modular builder raised £70million which will facilitate its growth towards upping its production to 4,000 low-carbon homes a year. Persimmon and Aviva both made substantial investments in the company.
Persimmon and Aviva invest in modular housebuilder TopHat’s £70million funding round
A spokesperson for the company said: “TopHat is a young, ambitious company that is still in the growth phase.”
“The group continues to invest ahead of revenue, both in growing capacity and developing its product offering.”
“The directors are confident in the TopHat business plan, underpinned by the development of the second factory and the strong pipeline.”
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