Last month, the Yorkshire-based business announced that it was halting production and was looking for a buyer.
But last week the business fell into administration and made all but a handful of its employees redundant.
Clare Kennedy, joint administrator and managing director at AlixPartners, said: “This is an incredibly difficult time for all associated with ilke Homes, and in particular its employees, who have worked tirelessly alongside management over recent months to find a resolution.
“Unfortunately, the market and economic headwinds have proven too strong to overcome, thus leading to today’s appointment.
“Our focus now is on helping all stakeholders, employees, suppliers and customers alike, to find the best possible outcome in this undoubtedly difficult time.”
The collapse of Ilke Homes is the latest sign of problems in the modular off-site housing sector. In May, Legal & General pulled out of the sector, having spent millions on its factory in Sherburn in Elmet. In April TopHat managed to secure £70m investment, including £25m from Persimmon, to keep going.
Ilke Homes is owned by TDR Capital, Sun Capital and Fortress Investment Group and was established in 2018. Its latest accounts show a loss of £34m before tax in the year to 31st March 2021 on turnover of £12.7m. Over its first three years of operations Ilke Homes generated less than £24m in turnover and lost, in aggregate, £88.7m before tax.
Before going into administration the company said that it had a £1bn order book and a 4,200-home pipeline.
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