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Sat July 20 2024

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Ilke Homes left behind £319m debt trail

1 Sep 23 Creditors of Ilke Homes have been left owed £319.4m, the failed company’s administrators have revealed.  

Ilke Homes' factory near Knaresborough
Ilke Homes' factory near Knaresborough

Latest statement of affairs for Ilke Homes, filed by the administrators from Alix Partners on 31st August, lists the dozens of companies left with unpaid debts.

Ilke Homes was a private equity-owned start-up volumetric modular house-builder that closed in June after failing to find a buyer despite claiming a £1bn order book and a 4,200-home pipeline. . More than 1,000 employees lost their jobs.

Of the creditors, only Homes England – owed £68,175,814 – holds any security, in the form of fixed and floating debentures. Homes England is, of course, a government agency, which wrongly thought that Ilke Homes would be a good punt with taxpayers money.

The administrators’ report shows that HMRC is owed £2.2m and the employees £725,000 in holiday pay and pension arrears.

Intercompany unsecured creditors amount to nearly £227m.

Companies owed more than £200,000 include recruitment firm Andersen James, Pricewaterhouse Coopers, Sunblet Rentals, Apex Wiring Solutions, Raventree (trading as Premier Kitchens) and woodworking machinery manufacturer Homag UK.

Those owed more than £300,000 include North Yorkshire County Council, chartered surveyor Landwood Group, Bryn Thomas Cranes, Jewson and City Electrical Factors.

Those left out of pocket by more than half a million include Duftons Plumbing & Heating Suppliers (£574k) and window supplier Euramax (£619k).

National timber group is owed £892,000 Modular Movements Ltd is owned £1m and Modular Plantrooms Ltd (trading as LGSF) is out of £1.6m. Wetherby Building Systems, supplier of renders and external wall insulation, is owed more than £1.8m.

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