Ilke Homes

Ilke Homes is a British developer of single-family modular houses that are fully customizable. The company offers several build options for its houses: 1) partnership-led construction that includes delivery and installation only, turnkey construction packages, joint ventures; and 2) development-led construction which includes unconditional and conditional purchase, joint ventures (including turnkey, and design and build), and option agreements. The company reports that the lifetime carbon emissions of a typical Ilke home are around 12% less than a traditional home while it uses around 20% less energy for heating. The houses are also equipped with solar panels for energy generation. In July 2021, the company launched a new house design named “Ilke Zero”, which it states has net-zero emissions.  The company aims to deliver 1,000 Ilke Zero homes per year targeting major investors, housing associations, and councils in the UK. Ilke house also partnered with British utility firm Octopus Energy, to build houses with zero energy bills. The company plans to deliver 10,000 zero-energy-bill properties by 2030.

The company received an order for a 622-home modular housing scheme in Beeston, Nottingham in July 2021, which is said to be the UK’s largest low-rise modular housing development to date. It also acquired an eight-acre site in Wellingborough, Northamptonshire in May 2022 in partnership with Man GPM to develop a housing community consisting of 146 single-family houses. In July 2021, the company was valued at GBP 200 million (approximately USD 278 million) with more than 3,000 homes in the pipeline.

In June 2023, the company reportedly filed a notice to appoint an administrator after stating that it was seeking financial assistance after investors raised concerns about the company’s unhealthy rate of cash burn. It also reportedly stopped work at both offsite locations and its 250,000 sq ft factory, requesting several hundred staff to refrain from coming into work.

Funding and financials

In December 2022, Ilke Homes raised GBP 100 million (〜USD 122 million) to scale-up its operations and open a new manufacturing facility that will increase its capacity to 4,000 homes a year.