Politics

Homes England speaks out after Urban Splash joint venture collapses and cuts 160 jobs

Homes England has spoken out after a three way partnership it used to be curious about entered management with the lack of 160 jobs.

Urban Splash and Sekisui House UK, a subsidiary of the Japan-based Sekisui, every personal 48% of the stocks in the United States House Group with Homes England keeping the rest 4%.

The workforce owns a variety of building websites and a modular development manufacturing facility in Alfreton, Derbyshire.

READ MORE: Urban Splash three way partnership enters management with 160 other people made redundant

Its modular houses were used on websites corresponding to Wirral Waters and New Islington in Manchester.

BusinessLive reported on Thursday that Daniel Smith and Adrian Berry of Teneo Financial Advisory Limited were appointed as joint directors of Urban Splash House Holdings Ltd, Urban Splash House Investments Ltd, Urban Splash House Ltd, Urban Splash Modular Ltd, Port Loop Holdings Ltd, Port Loop Ltd and Port Loop (Subco1) Ltd.

Teneo has not too long ago finished the sale of Studio Retail Group out of management and been appointed by means of Missguided to “explore strategic options for the business”.

US Modular Ltd had 151 staff on the manufacturing facility at Alfreton and 140 were made redundant.

US House Holdings Ltd hired 36 other people and 20 were made redundant.

Teneo will now oversee of entirety and/or sale methods for the improvement websites, whilst exploring sale choices for the manufacturing facility.

A spokesperson for Homes England mentioned: “We are aware that an administrator has been appointed.

“We stay dedicated to running with bold and cutting edge companions to assist diversify the housing marketplace and build up productiveness.”

An Urban Splash statement added: “The administrators of House – (Urban Splash House Holdings Group) have appointed directors from Teneo to the corporate.

“The appointment of Teneo senior managing directors Adrian Berry and Daniel Smith to the company has no impact on the wider Urban Splash group or its operations, which continue to run successfully.

“House is a three way partnership between person shareholders who personal 48% of the fairness, Homes England which owns 4% and Sekisui House UK Limited, which owns the rest 48% stocks.

“The administrators will oversee completion and sale strategies for the company’s developments.”

Joint administrator Adrian Berry mentioned: “This appointment follows various operational issues relating to the factory in Alfreton, which have impacted the wider group.

“We will now glance to stabilise the United States House Group by means of offering a platform to finish positive trends and discover sale choices for the manufacturing facility and the opposite building websites.

“We would like to thank all employees and other key stakeholders for their continued support.”



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