{"id":128059,"date":"2023-06-13T10:47:36","date_gmt":"2023-06-13T09:47:36","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=128059"},"modified":"2023-06-13T10:47:36","modified_gmt":"2023-06-13T09:47:36","slug":"ilke-homes-up-for-sale-pauses-production-factory","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/mmc-news\/ilke-homes-up-for-sale-pauses-production-factory\/128059\/","title":{"rendered":"Ilke Homes up for sale, pauses production at factory"},"content":{"rendered":"

Modular housebuilder Ilke Homes is up for sale, pausing production at their Knaresborough factory with an estimated 4,200 affordable homes yet to be delivered<\/h2>\n

Ilke Homes is up for sale, seeking a buyer for the \u00a328m firm after filing its accounts over two months late on the advice of auditors.<\/p>\n

Ilke Homes commented that without investment, their \u00a31bn order book of majority affordable homes could not be delivered. This amounts to roughly 4,200 units.<\/p>\n

The North Yorkshire-based firm, which has a workforce of around 1,000, halted work at the 250,000 sq ft Knaresborough factory site whilst it awaits a buyer.<\/p>\n

Rising costs and planning policy complications have been blamed<\/h3>\n

Ilke Homes said its \u201cturnkey\u201d development offering, where the company acquires land, secures planning permission and develops the site before selling the unit to a client, has been \u201ccomplicated by uncertainty over planning policy<\/a> and rising build costs\u201d.<\/p>\n

It added: \u201cWhile having delivered strong contribution margins, Ilke Homes now requires new investment to meet overheads, achieve further scale and become cash flow positive<\/a>.\u201d<\/p>\n

Chief financial officer at Ilke Patrick Bergin commented that the firm has been hoping to close an additional funding deal- on top of \u00a3100m in funds raised last year- but the proposed partner pulled out.<\/p>\n

Auditors advised that Ilke delay filing accounts in hopes of more funding, but were ultimately unsuccessful.<\/p>\n

Ilke Homes is also considering alternative funding options<\/h3>\n

The firm, owned by private equity firm TDR Capital, is also considering the alternative of selling a non-controlling stake in the business as well.<\/p>\n

This option would see the stakes of existing shareholders such as Sun Capital, Guinness and Places for People, and Fortress Investment Group reduced.<\/p>\n

Last year’s \u00a3100m investment was hoped<\/a> to fund a new manufacturing facility and increase the company’s output to 4,000 homes a year, with 1,000 new jobs created.<\/p>\n

Outstanding developments from Ilke Homes include projects in Southend, Milton Keynes and Kent.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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