Persimmon joins £70m investment into TopHat

Housebuilder Persimmon and institutional investor Aviva, via the Aviva Capital Partners unit, have led a £70m investment into modular housebuilder TopHat. The investment is designed to help TopHat open Europe’s “largest” modular housing factory in Corby, Northamptonshire, with a capacity of 4,000 homes a year, in 2024 Persimmon has invested £25m as part of the funding round. It said that the investment will establish a “strategic” partnership between the two businesses and provide “guaranteed” access to both TopHat’s innovative brick façade product as well as their highly energy efficient modular homes. Additionally, the investment will also enable TopHat to “accelerate delivery of its factory-built, precision-engineered homes and marks a significant step forward in its development”. TopHat is a manufacturer of modular housing, with an off-site manufacturing model that delivers the “greenest” new homes being built at scale in the UK today. TopHat also manufactures an “innovative” brick façade system which is incorporated into its new homes. Persimmon has identified an opportunity to incorporate TopHat’s brick façade system into its own Space4 timber frame housing product, alongside access to TopHat’s “highly energy efficient” modular homes, It said that this will help Persimmon develop its own products further for customers. Persimmon stated that it aims to capture the benefits of the “innovative manufacturing techniques used by TopHat to support its future volume growth, drive further build efficiencies, expand its product offering to customers and support its moves to meet the Future Homes Standard”. TopHat’s products are complementary to Persimmon’s existing Space4 timber frame housing system. Dean Finch, group chief executive of Persimmon, said: “Persimmon is delighted to announce this partnership with TopHat, which brings together the skills of the country’s most innovative modular homes manufacturer with those of the UK’s most cost-effective volume house builder. “Our partnership will provide Persimmon with guaranteed access to TopHat’s highly energy-efficient volumetric modular homes and its innovative brick façade system, which has significant potential within our own Space4 timber frame business. This new relationship will help support our future volume growth, provide further build efficiencies, help address the growing challenge of labour shortages in key trades and give us access to TopHat’s leading-edge green technologies.The combination of our complementary industry-leading capabilities with significant new investment will create many exciting opportunities for both businesses in the years ahead.” Jordan Rosenhaus, CEO and founder at TopHat, added: “Today’s announcement is testament to the innovative approach that TopHat continues to take to house- building and marks a step-change for the future of housing. It has been clear for some time that designing and building green, beautiful homes in factories is a critical part of solving the housing crisis – and today’s announcement will enable TopHat to reach the scale where the new generation of modular homes can be made available to everyone.”

Persimmon joins £70m investment into TopHat

Persimmon has invested £25m as part of the funding round

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