Modular home builder TopHat has secured £70 million in an investor funding round ahead of opening Europe’s largest modular manufacturing facility.
Persimmon Homes made an equity investment of £25 million to accelerate delivery of TopHat’s new factory in Corby, Northamptonshire, and its own bid to meet the Future Homes Standard.
Insurance firm Aviva also made “a substantial investment”, via its Aviva Capital Partners unit.
In addition to its existing facility in Derby, TopHat’s new operation will manufacture up to 4,000 ultra-low-carbon homes a year, from 2024, and could employ around 1,000 workers.
Persimmon aims to incorporate TopHat’s innovative brick façade manufacturing system into its own Space4 timber frame housing product, drive greater build efficiencies and expand its product offering to customers.
Whereas Aviva has invested to bolster its sustainable community strategy.
“TopHat is a leading manufacturer of modular housing, with an off-site manufacturing model that delivers the greenest new homes being built at scale in the UK today,” wrote Persimmon.
CEO and founder of TopHat, Jordan Rosenhaus, said the investment marked a “step-change for the future of housing”.
Homes England added: “We’re committed to increasing the use of MMC, and supporting our partners in the sector to invest in it. This investment from [Persimmon] and Aviva is not only an important step forward for TopHat, but really encouraging for the wider sector.”
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