Modular homes builder ilke Homes has gone into administration, with more than 1,000 workers expected to lose their jobs.
The Yorkshire-based company had been exploring avenues for fundraising and the firm’s backers hoped to secure a future for the company via a sale or investment, to enable it to complete its 4,200-home pipeline and retain its workforce.
ilke had reportedly been offered to potential buyers for bids over £1, with some major housebuilders approached.
The firm, which manufactures homes for a range of clients including councils and housing associations, operates from a 250,000 sq ft factory in Knaresborough.
Late last year, the business managed to raise a record-breaking £100m from new and existing shareholders – the largest-ever sum raised by a UK modular housebuilder.
Clare Kennedy, joint administrator and a partner and managing director at AlixPartners, said: “This is an incredibly difficult time for all associated with ilke Homes, and in particular its employees, who have worked tirelessly alongside management over recent months to find a resolution.
“Unfortunately, the market and economic headwinds have proven too strong to overcome, thus leading to today’s appointment.
“Our focus now is on helping all stakeholders, employees, suppliers and customers alike, to find the best possible outcome in this undoubtedly difficult time.”
This story seems strange. They raised £100 million last year and have a 4200 build pipeline. How or why would they be going into administration?
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Cashflow? You’re right, though….
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Send like a story that could do with some investigative journalism to me. £100 million is a whole load of money to go through in less than a year. Unless someone has got the figure incorrect ?
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