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.
View the latest distressed UK businesses here.
View recent UK administrations.
Forward-thinking roofing and cladding business specialising in the new build and refurbishment sector of the construction market, as well as specialising in flat roofing. The business operates with clients nationwide. Our client has an established re...
LEASEHOLD
Profitable Leasehold / re-location Ventilation and installation company in a prime location in a central location; it is now for sale.
LEASEHOLD
The business offers a complete steelwork solution for projects of any size, from initial design consultation to the fabrication and erection of structural steelwork; it is now for sale.
FREEHOLD
|
06
|
|
Oct
|
Administrators continue to explore sale of paper group subsidiaries | ADMINISTRATION
Administrators are continuing to explore a sale of the busin...
|
05
|
|
Oct
|
Vertu Motors plans further acquisitions after solid H1 performance | BUSINESS NEWS
Car retailer Vertu Motors has said that it is planning furth...
|
04
|
|
Oct
|
Brickability Group acquires ET Clay Products at 3.8x EBITDA | BUSINESS SALE
Welsh construction materials distributor Brickability Group ...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources