Thu, 15 Aug 2024 | BUSINESS SALE
The assets of a modular housing company based in Coventry have been acquired out of administration. Modpods International Limited had struggled as a result of issues relating to its relocation to a new trading premises.
The relocation was significantly more costly than anticipated and reportedly took far longer than expected to be finalised. Prior to the appointment of administrators, the company’s business and assets had been marketed for sale, with a view to securing a pre-pack sale.
However, no buyer could be found and the company’s 122 staff were made redundant in July. Paul Ellison and Christopher Errington of KRE Corporate Recovery were appointed as joint administrators of the company on August 12.
Immediately upon their appointment, the administrators were able to complete a pre-pack sale of the company’s assets to industrial and commercial property development firm HPG Developments. In the wake of the sale, the company’s current management are seeking to restructure the business.
Modpods International was founded by asset management and social housing contracting experts Andy Cornaby (Managing Director) and Pete Farrelly (Chief Executive). The company produced offsite factory-built modular housing pods available in ten different archetypes, ranging from single storey one bed houses (Type A) to three storey four bed town houses (Type H).
In the company’s most recent accounts at Companies House, for the year ending March 31 2023, its fixed assets were valued at £1.6 million, while current assets were valued at around £3.7 million. At the time, it owed creditors approximately £2.3 million, with net assets amounting to close to £852,000.
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