The High Court has dismissed two winding-up petitions issued to TopHat after the volumetric offsite house builder settled with a developer out of court.
District Judge Shepherd this week dismissed both petitions issued in July by land regeneration specialist Harworth at the Business and Property Courts in Leeds.
Harworth Estates Residential Development has issued petitions against both Derby-based TopHat Communities and Jersey-based parent company TopHat Enterprises.
TopHat Communities, a subsidiary of TopHat Enterprises, is responsible for the deployment of modules on customer sites, where groundworks are required.
The Goldman Sachs-backed business has been trading since 2016 with investors – who also include Aviva and Persimmon – pumping in £200m of funding since then.
Last week Persimmon revealed it had written off the £25m invested in modular house builder TopHat last year.
It said the decision was due to “a re-assessment of risks within the modular build sector”.
The volume house builder said it was continuing to work with TopHat as it looks to boost output at its offsite Brickworks, Tileworks and timber frame Space4 factories.
It said: “We originally invested in the TopHat business because of its industry-leading facade product.
“While the broader market challenges for volumetric modular manufacture has led us to take the prudent decision to write down our original investment, we continue to work with TopHat as they reposition the business to focus on the facade product.
Overall TopHat’s accumulated losses stand at around £87m since being established.
