{"id":18978,"date":"2023-06-30T13:04:23","date_gmt":"2023-06-30T20:04:23","guid":{"rendered":"https:\/\/essential.construction\/news\/ilke-homes-falls-into-administration\/"},"modified":"2023-06-30T13:04:24","modified_gmt":"2023-06-30T20:04:24","slug":"ilke-homes-falls-into-administration","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/ilke-homes-falls-into-administration\/","title":{"rendered":"Ilke Homes falls into administration"},"content":{"rendered":"

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Clare Kennedy, Joint Administrator and a Partner & Managing Director at AlixPartners said: \u201cThis 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.<\/p>\n

\u201cUnfortunately, the market and economic headwinds have proven too strong to overcome, thus leading to today\u2019s appointment.<\/p>\n

\u201dOur focus now is on helping all stakeholders, employees, suppliers and customers alike, to find the best possible outcome in this undoubtedly difficult time.\u201d<\/p>\n

Ilke\u2019s management and backers had spent the last few weeks trying to find a buyer or investor to protect its workforce and deliver on the businesses claimed 4,200-home pipeline.<\/p>\n

They are understood to have approached a trio of major volume house builders but could not tempt them to make an offer even after inviting nominal bids of over \u00a31.<\/p>\n

The firm\u2019s deepening problems came to a head earlier this month, when ilke told the more than 1,000 staff not to come into work until further notice, although they were reportedly remained on full pay.<\/span>\u00a0<\/span><\/p>\n

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ilke said its Flaxby Moor factory had a capacity of 2,000 homes a year<\/p>\n<\/div>\n

The firm\u2019s factory and sites were all put on hold pending the outcome of survival talks.<\/p>\n

Established five years ago, ilke Homes\u2019 client base includes major institutional investors, housing associations, volume house builders and local authorities.<\/p>\n

Just six months ago, ilke announced it had raised a record-breaking \u00a3100m from new and existing shareholders, although it is not certain whether all this funding was released.<\/p>\n

US-based investor Fortress led the equity investment fundraise, with existing shareholders TDR Capital and Sun Capital also subscribed.<\/p>\n

This came after a \u00a360m injection in November 2021. The latter fundraise was split between a \u00a330m loan from government agency Homes England and \u00a330m of equity from investors.<\/p>\n

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