Modular building manufacturer lands £75m investment

Top Hat's Dove Valley premises

TopHat, the modular housing manufacturer which has a major facility in Derbyshire, has landed a £75m capital investment from Goldman Sachs.

Founded in early 2016, TopHat started production in early 2018 at its manufacturing facility Dove Valley Park.

The first residential site to use TopHat’s product is the historic Kitchener Barracks in Chatham, Kent, which will be complete in the second quarter of 2019.

TopHat says Goldman Sachs will help expand and scale the business.

Jordan Rosenhaus, chief executive of TopHat, said: “We are incredibly excited to have Goldman Sachs as an investor in TopHat. This transaction is a sign of the tremendous progress TopHat has made since it was established and the significant market opportunity in the housing and digital construction sectors in the UK. We look forward to engaging with our key clients and stakeholders to partner in delivering more of the high-quality, good value homes that the UK so badly requires.”

Tavis Cannell, managing director at Goldman Sachs, said: “TopHat’s technology-driven approach has the potential to make a significant impact on the UK’s housing shortage. Their speed, efficiency and high standards make them uniquely positioned to drive critical change in the way the industry currently operates and improve the housing supply chain. We look forward to supporting their continued growth.”