TopHat managing director departs as company restructures
Andrew Shepherd, managing director of TopHat, will leave his role at the Goldman Sachs-backed modular housing developer.
Shepherd announced his departure in a LinkedIn post, saying he will be looking for new challenges after “a roller-coaster near-four years in the world of modular housebuilding”.
His departure comes as the modular housebuilder is “scaling back” and “restructuring” the company.
Andrew Shepherd, managing director of TopHat, will leave his role at the Goldman Sachs-backed modular housing developer.
Shepherd announced his departure in a LinkedIn post, saying he will be looking for new challenges after “a roller-coaster near-four years in the world of modular housebuilding”.
His departure comes as the modular housebuilder is “scaling back” and “restructuring” the company.
In its latest accounts filed with Companies House, TopHat Industries reported that its loss before tax grew by 4.6% year-on-year to £20.4m during the year ended 30 October 2022.
TopHat said at the time that while the group is not yet profitable or cash-generative, it expects that its second factory, to open in Corby, Northamptonshire, will enable it to “deliver strong profitability and cash flow within the next three years”.
Commenting on Shepherd’s departure, a spokesperson for TopHat said that 2023 had been a challenging period for the housing sector due to a tough inflationary climate coinciding with supply chain disruption and that, as a newer industry, modular had been hit harder still.
The spokesperson added: “Despite the growing understanding that volumetric modular is a key part of the solution to the housing crisis, we can’t yet see signs of the market coming back and have needed to take prudent action to ensure the business remains healthy, protected, and ready for the upturn when it comes.
“This has meant some scaling back, and some personnel losses in this period of restructuring.”
Photo © TopHat
