ilke Homes falls into administration
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| https://constructionwave.co.uk/2023/06/30/ilke-homes-falls-into-administration/ |
ilke Homes has fallen into administration – putting hundreds of jobs at risk.
An application was filed by ilke Homes Limited with the Companies Court today (30 June).
Two other divisions, ilke Homes Land Limited and ilke Homes Holdings Limited, filed notices to appoint an administrator.
Consultants Clare Kennedy, Catherine Williamson and Deborah King of financial advisory firm AlixPartners were appointed as joint administrators to the modular housebuilder this morning.
The appointments were made at the request of the company directors.
It comes as the financially struggling firm failed to find a buyer or a fresh injection of capital after weeks of trying.
ilke had also invited nominal bids of over £1, reported the Enquirer.
It is understood the firm’s operations and sites had been halted during this time.
ilke’s 250,000 sq ft light gauge steel frame factory in North Yorkshire will close immediately and all site activities will now cease.
Up to 1,150 staff will be made redundant, while some have been retained in the short-term to assist administrators in winding up the company’s affairs.
In December, ilke announced it had secured £100 million of new equity investment after Citigroup and affiliates of Fortress Investment Group arranged the funding round.
Despite being founded just five years ago, ilke had seen its revenue grow by more than 150% annually, it reported.
It delivered more than 1,000 modular homes a year and had a pipeline of 4,000 more, as of December 2022, it added.
However, ilke suffered inflationary pressures and a lack of land supply linked to planning processes.
It is understood investors ‘pulled funding due to cashflow concerns’.
Other investors had been TDR Capital and Sun Capital.
ilke Homes has retained counsel from American multinational law firm Kirkland & Ellis.
ilke Homes was approached for comment.
“This 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,” said Kennedy. “Unfortunately, the market and economic headwinds have proven too strong to overcome, thus leading to today’s appointment.
“Our focus now is on helping all stakeholders, employees, suppliers and customers alike, to find the best possible outcome in this undoubtedly difficult situation for all”.
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