One of the UK’s rising stars in the modular construction industry in 2017 has become another casualty of COVID-19 related problems facing many other manufacturers.
Liverpool, England-based modular housing firm Ideal Modular Homes has been acquired in a pre-pack administration after running into cashflow difficulties. The company has been acquired by newly formed IDMH from administrators Quantuma and trading will continue uninterrupted.
IDMH is headed by Tom White, a former board member of Ideal Modular who will now become the company’s new CEO, and Christopher Snape, an Ideal Modular shareholder. The new owners’ pre-existing connection to the firm means that this is the sort of pre-pack acquisition that may face greater scrutiny once proposed new regulations come in next year.
Ideal Modular Homes was established in 2017 and had become a high-profile operator in the emerging modular homes market. However, the firm was impacted by the COVID-19 crisis which forced it to close operations in the initial spring lockdown.
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