{"id":15813,"date":"2023-04-25T10:11:58","date_gmt":"2023-04-25T17:11:58","guid":{"rendered":"https:\/\/essential.construction\/news\/persimmon-invests-in-modular-house-builder-tophat\/"},"modified":"2023-04-25T10:11:59","modified_gmt":"2023-04-25T17:11:59","slug":"persimmon-invests-in-modular-house-builder-tophat","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/persimmon-invests-in-modular-house-builder-tophat\/","title":{"rendered":"Persimmon invests in modular house builder TopHat"},"content":{"rendered":"

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House builder Persimmon and institutional investor Aviva have each made a substantial investment in volumetric modular house builder.<\/p>\n

TopHat has been trading since 2016 with shareholders led by Goldman Sachs investing \u00a3130m in the business up to the latest fundraise. The investment bank also took part in the\u00a0latest fundraising round.<\/p>\n

The modular business is still operating at a loss according to the last published accounts but is aiming for \u201cstrong profitability\u201d within the next three years as<\/p>\n

Persimmon aims to embrace manufacturing techniques used by TopHat to complement its existing Space4 timber frame product, drive further build efficiencies while expanding its product offering to customers and support moves to meet the Future Homes Standard.<\/p>\n

The fundraise will help TopHat ramp up production. In addition to its current output of up to 800 homes a year from its first factory in Derby, it will begin production from its cutting-edge 650,000 sq ft manufacturing facility in Corby, Northampton in 2024.<\/p>\n

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The new factory will employ 1,000 people, many of whom will be apprentices or employees entering the sector for the first time, working alongside the most advanced house building robots operating at scale in the UK.<\/p>\n

Jordan Rosenhaus, CEO and Founder at TopHat, said: \u201cToday\u2019s announcement is testament to the innovative approach that TopHat continues to take to house building and marks a step-change for the future of housing.<\/p>\n

\u201cIt has been clear for some time that designing and building green, beautiful homes in factories is a critical part of solving the housing crisis \u2013 and today\u2019s announcement will enable TopHat to reach the scale where the new generation of modular homes can be made available to everyone.\u201d<\/p>\n

Dean Finch, Group Chief Executive at Persimmon, said: \u201cPersimmon is delighted to announce this partnership, combining the country\u2019s most innovative modular manufacturer with the most cost-effective volume house builder.<\/p>\n

\u201cThis investment provides Persimmon with guaranteed access to very energy-efficient volumetric modular units as well as TopHat\u2019s innovative brick fa\u00e7ade to use with our Space4 timber frame products.<\/p>\n

\u201cThis will provide further build efficiencies, manage the growing challenge of labour shortages in key trades and expand our product range for customers. Combining our complementary industry-leading capabilities alongside other significant new investment makes me excited for the opportunities ahead.\u201d<\/p>\n

TopHat is presently working with some of the UK\u2019s biggest developers and investors, including BoKlok, Man Group and Urban & Civic.<\/p>\n

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