Modular housebuilder TopHat is to build Europe’s biggest “homes factory” in the UK.
The company, which is 70% owned by Goldman Sachs, is planning a new factory in Corby, Northamptonshire, which will be capable of producing 4,000 homes a year.
TopHat already has a factory in Derby capable of turning out 800 homes a year, but the new site will establish it as a serious player in UK house building. Last year, only a handful of UK companies built 5,000 homes or more.
Goldman-backed TopHat and Ilke, which has attracted funding from private equity firm TDR Capital and the government, are hoping to make inroads and persuade buyers that a house built in a factory is of a similar or better standard than one built on site.
But Ilke, TopHat and L&G are each loss-making as they try to build scale. TopHat said it expects to hit profitability by 2024.
