The notice protects ilke from creditor action while it seeks a buyer after production was halted across its sites and factory last week.
The Enquirer understands that ilke is being offered to potential buyers for bids over £1 with a number of major house builders approached over a possible deal.
Ilke and its advisers have been exploring fundraising options and the existing backers hope to secure a future for the business via a sale or investment, to enable it to deliver on its 4,200-home pipeline and protect its workforce.
Any bid for the business will need to be submitted before the end of next week when the future of the modular firm will be decided.
Established five years ago, ilke Homes’ client base includes major institutional investors, housing associations, volume house builders and local authorities.
Just six months ago, ilke raised a record-breaking £100m from new and existing shareholders. US-based investor Fortress led the equity investment fundraise, with existing shareholders TDR Capital and Sun Capital also subscribed.
This came after a £60m injection in November 2021. The latter fundraise was split between a £30m loan from government agency Homes England and £30m of equity from investors.
Ilke said that it’s £1bn order book was predominantly made up of affordable homes, meaning that without a new investor, much-needed housing would not be delivered.
Data and credit checking specialist Red Flag Alert highlighted the firms’ administration notice with its regular checks of high court construction insolvency applications.
Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts.
The Enquirer has linked-up with Red Flag Alert to offer readers a discount on its services and help you avoid worthless invoices from insolvent companies.
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