Project Etopia’s factory in Ellesmere Port, Cheshire
Property entrepreneurs Simon and David Reuben, who sit second in the Sunday Times Rich List, have invested £19m in modular housebuilder Project Etopia.
Project Etopia, based in Cambridge and founded in 2015, said the investment would allow it to accelerate its expansion plans.
The company specialises in modular homes that combine energy-efficient design with rapid construction using a panelised building system.
Its first major development, a 47-unit residential scheme in Corby, Northamptonshire, has been chosen as one of five ‘Building for 2050’ research projects funded by the Department for Business, Energy & Industrial Strategy.
Project Etopia received its first significant investment from hedge fund manager Lord Stanley Fink, who has formerly held roles as Conservative party treasurer, CEO of active investment management firm Man Group and chairman of investment manager ISAM Europe. Lord Fink was appointed chairman of Project Etopia earlier this year.
This year, the company also opened a new factory in Ellesmere Port, Cheshire, with a capacity to produce 2,000 panelised homes per year.
A spokesperson for Reuben Brothers, said: “Project Etopia has set out its stall in building elegantly designed, high-quality eco homes and is already demonstrating how its vision aims to make a big impact to address the UK’s housing crisis.
“The company has enormous ambition to revolutionise the housing industry, and we are pleased to support an important pioneer in the sector. The day when offsite construction arrives as a mainstream method within house building is drawing ever closer and our investment will provide Etopia the resource needed to deliver on its goals as soon as possible.”
Joseph Daniels, CEO of Project Etopia, added: “Reuben Brothers’ significant investment in Project Etopia is a huge endorsement by an eminent investor of what we are doing and marks an enormous milestone in the company’s history.
“There is no place for poor quality housing in the UK, and we are demonstrating that high-quality affordable housing can be built at great speed with a drastically smaller environmental footprint. With a growing pipeline of future projects, this latest investment will ensure we can take full advantage of the demand which exists for new homes that use the latest offsite techniques.”
