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Specialist regeneration developer Urban Splash has fallen to a pre-tax loss of 拢2.9m and lost over a quarter of its staff, according to annual accounts impacted by the collapse of its previously de-merged modular housebuilding joint venture.

The accounts for Urban Splash Group Holdings Ltd, which cover a 15-month period from October 2021 to the end of December 2022, report a sharp fall in turnover which the firm said was the result of the loss of 鈥渃onstruction-related trading鈥� with the failed modular joint venture, House by Urban Splash.

Urban Splash said in the accounts that the business had decided to change 鈥渢he group鈥檚 strategic direction鈥� following the collapse of the modular business by reducing in-house construction and using third party contractors as 鈥渢he preferred route for construction projects鈥�.

Consequently, turnover at the business fell by 40% in the year, to 拢40.1m, from 拢66.5m, despite the firm having lengthened its accounting period by three months to accommodate its 鈥減rolonged鈥� business re-planning process.

The pre-tax loss of 拢2.9m compares to a . The firm said turnover from Urban Splash鈥檚 contracting activities specifically fell from 拢38.1m to 拢24.0m.

It said that 鈥渁s a result of the termination of the provision of services to the demerged [modular housing] business, a number of redundancies were made鈥� which saw average headcount reducing by over 30% from 128 to 89.

Urban Splash set up its 鈥淗ouse鈥� modular housing subsidiary in 2018 with the purchase of a former SIG offsite housing factory in Alfreton, before attracting . However, it collapsed into administration last year .

Urban Splash CEO Julian Curnuck described the year as one of 鈥渃onsolidation鈥� in which the firm had reduced development and focused instead on 鈥渃ore strengths of regeneration and placemaking鈥�.

Despite the challenges, the firm managed to refinance its debts into a 拢40.3m eight-year facility from lender Aviva in July last year, and secured a further 拢10m four-year loan from Grosvenor Developments Ltd in February this year, designed to 鈥減rovide enabling finance for early stage projects and land acquisition鈥�.

Urban Splash, which is behind the Park Hill regeneration scheme in Sheffield, said it had bought Campbell Park Ltd, a business with the rights to develop 800 homes in Milton Keynes, in the period, and had entered a joint venture with Glenbrook MK to deliver the first phase.

In what is the business鈥檚 30th year of operation, it said in the accounts it was 鈥渨ell placed to weather the uncertain outlook currently being experienced within the economy鈥�, given fixed interest charges and no development debt outstanding.

The firm recorded net debt of 拢68m in the year, down from 拢71.4m the previous year, with net assets of 拢34.5m on the balance sheet.

Julian Curnuck said: 鈥淯rban Splash is a leader in its field, with an established reputation as a pioneer, and advocate of modern design. We have a record of innovative and exciting development and regeneration either by ourselves or with great partners as we transform brownfield sites across the country, working with existing companies and nurturing something new.

鈥淭hese results reflect a period of consolidation, one which saw a reduction in our development and construction work and an increased focus on our core strengths of regeneration and placemaking.鈥�