Ilke Homes, a British developer of single-family modular houses, has reportedly filed a notice to appoint an administrator.

The filing would serve as a protective measure for Ilke, offering a period of ten working days, during which the firm is safeguarded from creditors that may otherwise attempt to take legal action to reclaim outstanding loans.

The company has been in talks with around 15 investors with no success to date.

Analyst QuickTake: Earlier this month, the company stated that it is 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. This comes despite raising GBP 100 million (〜USD 122 million) in December last year to scale up operations and open a new facility to support manufacturing its planned 4,000 homes a year—reportedly the largest ever raised by a prefab builder based in the UK.