Offsite specialist went into liquidation this month leaving dozens of employees out of pocket by close to 拢1.4m
Collapsed offsite firm Modulous owed 拢6.2m when it sank into administration earlier this year, including more than 拢1m to a government body specialising in loans to bankroll start-ups.
The modular housing firm has now gone into liquidation and in an update filed at Companies House, liquidator Opus Restructuring said Innovate UK Loans is the largest creditor, owed 拢1.6m.
Innovate UK describes itself as being aimed at 鈥淯K registered businesses [who] can apply for loans for innovative projects with strong commercial potential to significantly improve the UK economy鈥�.
In the latest round of public funding, Innovate UK is offering up to 拢25m in loans to micro, small and medium-sized firms. Applicants are asked to show they need public funding, can cover interest payments and 鈥渨ill be able to repay the loan on time鈥�.
But in the Opus report, Innovate is listed as one of dozens of creditors owed money by Modulous which sank into administration in January and was formally placed into liquidation earlier this month.
Others owed money include 71 trade creditors, collectively due 拢1.1m, while 60 employees are missing 拢1.4m. HMRC is owed just under 拢990,000 in unpaid PAYE taxes.
In the report, Opus said the estimated assets available to creditors was just 拢7,397.
Founded in 2018, Modulous consisted of a physical kit of parts that could be used to deliver housing, and a digital design tool called TESSA 鈥� an acronym for Tech Enabled Solutions for Sustainable Architecture. Its only client at the time of its collapse was Bristol City Council which was using the design tool on a dozen houses on the city鈥檚 Romney Avenue.
Modulous was initially backed by venture capital investors including Regal London and Cemex Ventures, having raised 拢10m of Series A funding in September 2022. However, the company subsequently reported a loss of 拢9.5m, with a turnover of 拢91,000.
Former chief executive Chris Bone blamed 鈥渢he vagaries of the venture capital markets鈥� for the collapse, claiming it had had 拢30m of pledged funding but when one funder pulled out the remainder stalled meaning the business 鈥渃ouldn鈥檛 bridge the gap鈥�.
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