Modular builder Ilke Homes lost £22.4m in 2018/19 on revenue of just under £2.7m, its latest annual accounts have revealed.
The business, launched in 2017, employs over 350 people and can manufacture up to 2,000 homes from its factory in Knaresborough.
Despite the significant loss, which is thought to relate to investment in its Yorkshire manufacturing facilities, the accounts confirmed that Ilke Homes’ private equity backer TDR Capital would provide financial support to the company to make sure that has adequate resources to continue operating “for the foreseeable future”.
In November this year, the government announced that it would invest £30m in the builder to “turbo-charge” the production of homes at its factory, through housing agency Homes England. The investment will help Ilke to increase production to 5,000 homes within the next five years.
