Inland Homes seeks modular housing arm sale
Troubled housebuilder Inland Homes is seeking to offload its modular subsidiary Hugg Homes for more than £10m in a bid to ease its balance sheet woes.
The temporary housing business provides modular homes in areas where housing demand outstrips supply, with new homes completed for sale in 12 weeks from a UK manufacturer.
Hugg comprises 22 mixed-tenure homes in Southampton and 32 tenanted in Cheshunt to Broxbourne Borough Council, with an agreement for lease for a further 16 homes. It generates around £715,000 in combined annual rental income.
Troubled housebuilder Inland Homes is seeking to offload its modular subsidiary Hugg Homes for more than £10m in a bid to ease its balance sheet woes.
The temporary housing business provides modular homes in areas where housing demand outstrips supply, with new homes completed for sale in 12 weeks from a UK manufacturer.
Hugg comprises 22 mixed-tenure homes in Southampton and 32 tenanted in Cheshunt to Broxbourne Borough Council, with an agreement for lease for a further 16 homes. It generates around £715,000 in combined annual rental income.
Residents of Hugg Homes can include single parents, people on low income or those escaping domestic abuse.
The sale of Hugg includes all branding, intellectual property and access to existing supply chains. The homes, available as one, two and three-bedroom units, have an EPC C rating.
Inland Homes previously set out plans to dispose of a number of its non-core assets in January.
Separately, the housebuilder has appointed Colliers to sell its £200m Hillingdon scheme for offers over £25m.
The sale processes come after one of the housebuilder’s subsidiaries, Inland Homes Developments, breached banking covenants relating to a £13.6m loan from HSBC.
Shares in Inland Homes have been suspended since April this year, after it failed to publish its audited annual results in time.
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Image: Hugg Homes
