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    12

    Jun 2023

    Last Updated: 12/06/2023
    Business
    Business

    Knaresborough housebuilder up for sale as operations paused

    by Calvin Robinson Chief Reporter

    | 12 Jun, 2023
    Comment

    0

    ilkehomes
    Ilke Homes' factory in Flaxby, near Knaresborough.

    Bosses at Knaresborough-based Ilke Homes are “exploring a sale” of the company as hundreds of staff are sent home.

    The company said in a statement today it required additional funding to fulfil a £1 billion order book and to protect jobs.

    The firm added new investment was needed to build 4,200 homes.

    It added it was looking to sell the firm at a time when “volatile macro-economic conditions and issues with the planning system complicate fundraising and housing delivery”.

    The Stray Ferret reported on Friday that several hundred staff at its Flaxby factory close to the A1(M) were told not to come into work until further notice.

    They have reportedly been told they will be paid, and will be called back in when the company finds an investor. Managers will continue to work in the 250,000 sq ft factory this week.

    The company said in its statement that it operations had been paused “while a strategic review is ongoing”.

    It added:

    “In 2020, Ilke Homes launched its turnkey development offering, where the company acquires land, secures planning permission and develops the site. This has been complicated by uncertainty over planning policy and rising build costs.
    “While having delivered strong contribution margins, Ilke Homes now requires new investment to meet overheads, achieve further scale and become cash flow positive.
    “The wider UK housing market has been hit by rapidly rising interest rates, which has reduced demand and resulted in housing starts falling below pre-pandemic levels.
    “Official government figures have also revealed that planning applications in England have fallen to their lowest level in at least 16 years, thanks to uncertainty over planning policy and heightened build costs, highlighting the scale of the challenge in improving housing delivery.”


    Ilke Homes specialises in building modular homes.

    The company builds the homes at its factory on Flaxby Moor Industrial Estate near Knaresborough. The homes are then delivered across the UK.



    Read more:



    • Knaresborough housebuilder denies contravening health and safety regulations

    • Knaresborough housebuilder partners with housing association

    • Staff sent home as Knaresborough housebuilder seeks urgent investment