Ilke Homes, a British developer of single-family modular houses, is reportedly seeking investment as it struggles to continue operations in the face of volatile macroeconomic conditions.

According to a statement from the company, the majority of its USD 1 billion order book consists of affordable homes. This implies that without a new investor, the delivery of these houses would be compromised.

The company has also reportedly stopped work at both offsite locations and its 250,000 sq ft factory located in North Yorkshire and requested several hundred staff to refrain from coming into work. The employees will be paid and asked to return to work once the company finds an investor.

Analyst QuickTake: Ilke Homes raised GBP 100 million (〜USD 122 million) in December last year to scale up operations and open a new facility to support the manufacturing of its planned 4,000 homes a year—reportedly the largest-ever raised by a prefab builder based in the UK. Recently it also appointed a new COO to help the company grow its business.