Andrew Shepherd announces departure

The managing director of modular housebuilder TopHat has announced he will be leaving the company this week.


Andrew Shepherd departs TopHat this week

Andrew Shepherd, posting on the social media site LinkedIn, said that he will be “moving on to a new challenge” after a “rollercoaster near four-years in the world of modular housebuilding.”

Housing Today understands the departure is related to an ongoing cost-cutting plan at the firm.

A spokesperson for TopHat said: “Despite the growing understanding that volumetric modular is a key part of the solution to the housing crisis, we can’t yet see signs of the market coming back and have needed to take prudent action to ensure the business remains healthy, protected, and ready for the upturn when it comes.

“This has meant some scaling back, and some personnel losses in this period of restructuring.”

TopHat in March announced it was consulting on plans to make around 70 redundancies.

>>See also: Homes England backs volumetric modular with £15m loan to TopHat

>>See also:  TopHat to ‘become profitable within three years’

>>See also: Growing pains or cause for concern? What recent financial failures mean for the modular market

The modular developer posted a £20.4m pre-tax loss for the year to 31 October 2022. The company, which has yet to be profitable, posted turnover of £10.2m for the year to 31 October. This was down on the £12.3m the previous year. Its pre-tax loss increased around 5% from the £19.5m posted the previous year.

TopHat has previously said it has plans to increase its capacity to 4,500 homes and to open a second factory, a 650,000 sq ft facility in Corby Northampton this year, to complement its existing factory in Derby.