Loss upon loss for modular housebuilder TopHat


TopHat has published a catalogue of losses in its latest results.  

Credit: TopHat.

Accounts for volumetric modular house builder TopHat Industries Limited saw company losses increase as turnover fell to 31 October 2022. 

The business operates from a 125,000 sq ft factory near Derby, with capacity to manufacture 800 homes a year.  

In June last year, it announced the opening of a second facility in Corby, Northamptonshire in 2024, spanning 650,000 sq ft and capable of producing up to 4,000 homes a year. 

However, it added: “The Group is not yet profitable or cash generative, due to this investment in future growth and innovation.” 

Adding: “The delivery of the second factory, in particular, will enable TopHat to deliver strong profitability and cash flow within the next three years.”  

The Group is backed by Goldman Sachs, Persimmon, and Aviva Capital, with more than £150 million’ of private sector funding invested as of the report. 


  • Turnover: £10.2 million (FY2021: £12.3 million) 
  • Cost of sales: £20.7 million (FY2021: £24.8 million) 
  • Gross loss: £10.5 million (FY2021: £12.4 million) 
  • Operating loss: £18.6 million (FY2021: £17.1 million) 
  • Loss before tax: £20.3 million (FY2021: £19.4 million) 
  • Loss for the year: £20.3 million (FY2021: £18 million)  

The company reported an EBITDA loss of £17.6 million, compared to £16.1 million in 2021.  

Cash was reported at £710,642, compared to £372,719 in the previous year.  

Net liabilities and shareholder’s deficit was reported at £22.2 million (FY2021: £1.8 million). 

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