Fri, 13 May 2022 | ADMINISTRATION
The US House Group modular housing joint venture has fallen into administration, with buyers set to be sought for various assets. The company, which operates a factory in Alfreton, Derbyshire, collapsed as a result of operational issues relating to the facility and has reported losses in recent financial accounts.
The group is a joint venture between Urban Splash and Sekisui House UK, the UK subsidiary of Japanese firm, with each owning 48 per cent and the remaining 4 per cent stake owned by Homes England. The US House Group collectively comprises seven firms: Urban Splash House Holdings Ltd; Urban Splash House Investments Ltd; Urban Splash House Ltd; Urban Splash Modular Ltd; Port Loop Holdings Ltd; Port Loop Ltd and Port Loop (Subco1) Ltd.
The company is involved in a number of ongoing developments, including the Northstowe site in Cambridge, which forms part of a wider proposed development of 10,000 houses on Homes England land. The US House Group has also been involved in schemes such as East Float at Wirral Waters, New Islington in Manchester, Port Loop in Birmingham and Grappenhall Woods in Warrington.
Formed in 2018, the group was established through Urban Splash’s acquisition of SIG’s modular subsidiary, including the firm’s Derbyshire factory. In 2019, Sekisui House acquired its stake in a deal which saw it make a £22 million initial investment, while Homes England also invested £30 million in debt and equity funding.
Daniel Smith and Adrian Berry of Teneo Financial Advisory Limited were appointed joint administrators to the companies within the group on May 11 and will look to oversee the completion or sale of the group’s ongoing development sites, as well as exploring sale options for the Alfreton factory.
Joint administrator Adrian Berry commented: "This appointment follows various operational issues relating to the factory in Alfreton, which have impacted the wider group.”
"We will now look to stabilise the US House Group by providing a platform to complete certain developments and explore sale options for the factory and the other development sites.”
The administrators added that the wider Urban Splash group is not affected by the administration.
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