‘It’s been a torrid time’: Modulous boss Chris Bone on the offsite housing firm’s collapse
By Matilda Battersby and Matilda Battersby2024-01-10T12:16:00
Firm latest in line of MMC firms to sink into administration
Modular housebuilder Modulous will formally enter administration today after a “devastating” race to secure more funding took it to what chief executive Chris Bone described as the “end of the cash runway”.
Bone, who said the company was £4m in debt, blamed “the vagaries of the venture capital markets”. He told Housing Today the firm had £30m of pledged funding, but when one funder pulled out and the remainder prevaricated the business “couldn’t bridge the gap”.