TopHat puts McLaren man in financial driving seat
TopHat has brought in Paul Buddin as chief financial officer.
The Goldman Sachs-backed modular housing developer said Buddin will be responsible for ensuring TopHat secures funding for the company’s rapid expansion plans.
Despite Buddin’s background in the automotive industry, TopHat clearly sees some useful synergies. It poached Budden from McLaren Group, having been particularly impressed with the way he had grown the McLaren Automotive business. In 2010, the car maker had a turnover of £6m and produced no cars in 2010. By 2019 it was worth £1.25bn, with 4,662 cars rolling off its production lines.
TopHat has brought in Paul Buddin as chief financial officer.
The Goldman Sachs-backed modular housing developer said Buddin will be responsible for ensuring TopHat secures funding for the company’s rapid expansion plans.
Despite Buddin’s background in the automotive industry, TopHat clearly sees some useful synergies. It poached Budden from McLaren Group, having been particularly impressed with the way he had grown the McLaren Automotive business. In 2010, the car maker had a turnover of £6m and produced no cars in 2010. By 2019 it was worth £1.25bn, with 4,662 cars rolling off its production lines.
TopHat’s stated aim is to “revolutionise the delivery of housing” across the UK by “harnessing artificial intelligence, precision-engineering techniques and robotics”.
The new CFO said: “The company’s business model is more akin to manufacturing, rather than housebuilding. Therefore, I plan to use my decade of experience in high-tech manufacturing to help the modular housing pioneer scale up rapidly.
“If the government wants to achieve its climate reduction targets and investors want to meet new building regulations in such a short space of time, then factory-built housing has to be part of the solution.”
Jordan Rosenhaus, chief executive at TopHat, added: “As we look to progress with a long-term strategic vision of growth, TopHat will benefit from Paul’s industry and commercial experience that will help us to continue revolutionising housing delivery across the UK.”
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