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Wed March 03 2021

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Modular house-builder falls into administration

11 Dec 20 Attempts to rescue AIM-listed developer and modular builder Ashley House have failed and the company has gone into administration.

FI Modular delivered this social housing in Banbury for Cherwell District Council in 2017/18
FI Modular delivered this social housing in Banbury for Cherwell District Council in 2017/18

Ashley House, parent company of Powys-based F1 Modular, secured a company voluntary arrangement (CVA) in July to protect it from creditors while negotiating a rescue.

There were discussions with Midlands house-builder Piper Homes, involving a reverse takeover that would enable Piper Homes to take Ashley House’s place on the alternative investment market (AIM).

But in a statement today, Ashley House said: “Despite all parties' best efforts, Piper has withdrawn from the proposed transaction and as such the company confirms it is no longer in discussions with Piper.

It added: “Following the failure of the CVA, the directors have no option but to file a notice of intention to appoint an administrator, which was filed in court yesterday.”

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Begbies Traynor is expected to appointed administrator within the next few days.

With the Piper deal falling, Ashley House is left unable to publish its overdue annual accounts for the year to October 2019 and so is in breach of AIM rules. As a result, its listing will be cancelled on Monday 14th December.

In a statement, the board said: “The company is hugely disappointed with the failure of the CVA and the pending administration and would like to thank everyone who has worked with it over the last 29 years to develop the hundreds of GP surgeries, health facilities and affordable extra care homes which benefit hundreds of thousands of people now and into the future.”

F1 Modular is the second offsite housing producer to go into administration this week. Yesterday we reported on Ideal Modular also going into administration, although in that case it was rescued by a pre-pack deal. [See previous report here.]

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