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TopHat secures £75m investment to drive growth
TopHat, the UK’s leader in technology-driven modular housing manufacturing, has announced the closing of a £75m capital investment by Goldman Sachs.
Founded in early 2016, TopHat commenced production in early 2018 at its state-of-the-art manufacturing facility in South Derbyshire and has been a pioneer in developing industry-leading technology and manufacturing processes that will shape the UK’s digital construction sector.
The first residential site to use TopHat’s product is the historic Kitchener Barracks in Chatham, Kent, which will welcome residents in the second quarter of 2019. The development is a showcase for TopHat’s unique, high quality, and design-differentiated product. TopHat is delighted to have an institutional partner such as Goldman Sachs, to help expand and scale the business. As per the Government’s housing white paper, modern methods of construction, and volumetric modular housing are instrumental in increasing the delivery of homes and helping to solve the UK’s housing crisis.
Jordan Rosenhaus, CEO of TopHat, said: “We are incredibly excited to have Goldman Sachs as an investor in TopHat. This transaction is a sign of the tremendous progress TopHat has made since it was established and the significant market opportunity in the housing and digital construction sectors in the UK. We look forward to engaging with our key clients and stakeholders to partner in delivering more of the high-quality, good value homes that the UK so badly requires.”
Tavis Cannell, Managing Director at Goldman Sachs, said: “TopHat’s technology-driven approach has the potential to make a significant impact on the UK’s housing shortage. Their speed, efficiency and high standards make them uniquely positioned to drive critical change in the way the industry currently operates and improve the housing supply chain. We look forward to supporting their continued growth.”
Gordon More, Chief Investment Officer at Homes England, said: “If we are to increase industry’s capacity to build high-quality homes offsite, it’s vital others join us in our mission – so we welcome today’s announcement by TopHat and Goldman Sachs. This represents a significant investment in a growing SME business that is delivering a real step change in the housebuilding industry. For our part, we look forward to continuing to work with a range of developers to drive innovation and make homes happen.”