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Timber-frame modular builder on brink of administration

The corporate behind timber-frame volumetric builder Lighthouse is about to nominate directors, placing greater than 120 jobs in danger.

IDMH, which rebranded as Lighthouse in 2023, has filed a discover of intention to nominate directors.

The agency was shaped in 2020 to take over the belongings of Best Modular Properties, a Liverpool-based builder that collapsed through the pandemic regardless of receiving a Coronavirus Enterprise Interruption mortgage.

Lighthouse chief government Tom White, who had beforehand labored for monetary companies firm JP Morgan, had been a board member of Best Modular Properties.

The enterprise reported £8.2m of web belongings in its newest unaudited accounts, overlaying the 12 months ending 30 November 2022. Firm administrators selected to not embrace a revenue and loss account in its monetary statements.

Lighthouse specialises in timber-frame volumetric modules, produced at its manufacturing facility in Sheffield.

The corporate was engaged on a number of small-scale housing schemes, together with 64 flats for BoKlok, a three way partnership between IKEA and Skanska.

Lighthouse staff have stopped engaged on a rebuild of the Truthful Isle Hen Observatory in Shetland, which was set to switch a modular constructing that burnt down in 2019.

Douglas Barr, chairman of the Truthful Isle Hen Observatory Belief, wrote: “Regrettably, we’ve got simply been suggested that our builders Lighthouse/IDMH have now lodged a discover to nominate an administrator and have presently stopped working on the [observatory] web site.

“That is notably irritating given we now have a wind and watertight constructing and had been within the means of finishing the internals which had been scheduled to be completed this autumn.”

The corporate has greater than 120 workers, in line with proof it gave to the Home of Lords’ trendy strategies of development inquiry in November.

Lighthouse wrote in its proof that latest closures of volumetric modular builders equivalent to Ilke Properties had “resulted from company-specific points, not simply macro elements, and such closures will not be essentially consultant of basic sectoral impediments”.

The enterprise additionally advised the inquiry that it believed it had the capability to construct 650 new properties in 2024 and greater than 1,000 in 2025.