Ilke Homes goes into administration

Modular housebuilder ilke Homes has been placed into administration. Clare Kennedy, Catherine Williamson and Deborah King of AlixPartners have been appointed as joint administrators following an attempt by the Yorkshire-based firm to seek either a fresh injection of capital or a going-concern purchaser. The company said it “faced the challenges of unprecedented inflation and a lack of land supply linked to planning processes”. It previously said it was exploring the sale of the business to secure additional funding and deliver its £1bn order book consisting of a 4,200-home pipeline. The housebuilder had initially hoped to rescue the business and was is in talks with around 15 potential investors. However, as it was unable to secure an investor, the modular developer will immediately close its manufacturing facility in Flaxby, North Yorkshire, and all its site activities will cease. ilke Homes’ 1,150 staff will be made redundant with a small number being retained to assist the administrators in winding up its affairs. Kennedy said: “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. “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.” To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews ilke Homes Southend on Sea © ilke Homes