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Urban Splash modular failure to cost supply chain £12m

By June 20, 2022No Comments

The updates also highlight a series of inter-company debts between various collapsed offshoots of the modular giant.

Administrator Teneo took charge of a string of firms last month making 160 staff redundant blaming “various operational issues relating to the factory in Alfreton.”

The main operations placed in administration were Urban Splash House Holdings Ltd, Urban Splash House Ltd and Urban Splash Modular Ltd.

Urban Splash House owed £20.8m to unsecured creditors with £14.2m of that owed to intercompany debts and the rest to the supply chain.

Urban Splash Modular Ltd owed £24m to unsecured creditors including £19.4m of intercompany debt.

Urban Splash House Holdings owed £8.3m to unsecured creditors with £7.6m of that owed to Japan’s biggest house builder Sekisui House who invested £55m in the business alongside Homes England when it was demerged from regeneration giant Urban Splash in 2019.

Invoices worth more than £12m held by the supply chain are now likely to be worthless.

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