Modular housebuilder hit with winding-up petition from developer

A Yorkshire residential developer has issued winding-up petitions against TopHat and its Jersey-based parent company.

London-listed developer the Harworth Group has submitted the petition and a hearing is due to take place in Leeds on August 13. 

Derbyshire modular builder TopHat has already laid 70 staff off this year in an effort to cut costs and shelved plans for a 650,000 sq ft advanced manufacturing facility in Corby, which was set to create 1,000 jobs.

The Goldman Sachs-backed business said it had been hit by the volatility of the modular housing market, which has recently seen the demise of other builders such as Ilke Homes and Legal & General Modular Homes.

The move comes just months after TopHat secured a £15m loan from Homes England, received £45m last year from Persimmon and Aviva, and Goldman Sachs completed a total fundraising round of £70m.