Modular homes builder files administration notice

Modular homes builder, Ilke has filed a notice of intention to appoint an administrator and has given itself two weeks to find buyer.

The North-Yorkshire based firm has filed the notice to give it 10 working days protection from creditors who want to recover loans from the company.

A spokesperson for the firm said: “On Tuesday 20th June Ilke Homes filed a Notice of Intention to appoint administrators.

“This is a protective measure in the best interests of all parties based on the financial position of the company. Ilke Homes continues to progress conversations with investors regarding securing the company’s future and further updates will follow as we have them.”

The company, which says it has been hit by volatile economic conditions, and issues with the planning system was late to file accounts this spring, even though it had secured £100m of funding in the December before. In the most recent published accounts to March 31 2021, Ilke reported a loss of £41.3m of turnover of just £27.5m.

According to reports, Ilke said that it delayed filing its accounts to avoid adding a minor cautionary note to the accounts statements, however, after the firm’s investors intervened and indicated that they were unhappy with the rate of cash burn at the organisation, they put a stop to production and commenced a full sale process.

Companies House began action to strike Ilke Homes off the register of companies last month, however last week they said that this had been “discontinued” and an extension for the accounts had been pre-agreed.

Ilke Homes is reported to be in talks with up to 15 investors regarding the sale, however there has not yet been a confirmed deal.

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