Modular housebuilder TopHat has raised £70m from investors including Persimmon, which will help fund the development and fit-out for its factory in Northamptonshire.
The factory, in Corby, is set to open next year. It measures 650,000 sq ft and will increase production to 4,000 homes a year, from 1,000.
Persimmon is investing £25m, as part of the funding round. Other investors include Aviva, through its Aviva Capital Partners arm, and existing investor Goldman Sachs Asset Management.
TopHat and Persimmon have formed a partnership following the equity investment, in which TopHat will provide some homes for the latter.
Jordan Rosenhaus, chief executive and founder at TopHat, said the investment will enable the business to reach the “scale where the generation of modular homes can be made available to everyone”.
Dean Finch, group chief executive at Persimmon, said: “This investment provides Persimmon with guaranteed access to very energy-efficient volumetric modular units as well as TopHat’s innovative brick façade to use with our Space4 timber frame products.
“This will provide further build efficiencies, manage the growing challenge of labour shortages in key trades and expand our product range for customers.”
John Cummins, chief executive of Aviva Capital Partners, said: “Aviva is using its financial strength to invest in the sustainable infrastructure and real estate which are central to the UK’s net zero transition. TopHat is a pioneer of low-carbon homes and this investment will make sustainable housing more widely available, making a difference to communities and providing a retirement income for our customers.”
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