Homes England will recoup only £128,423 from its £68.7 million exposure to ilke Homes following the modular housebuilder’s collapse in mid-2023. The figure was confirmed in the final liquidation report from administrators AlixPartners.
The total recovery from the insolvent company amounted to £5.1 million. Although Homes England was the only secured creditor, a legal subordination agreement prioritised repayment of £5 million to three lenders, KM Modular Housing, CF ILK Investments LP, and Whitehorse Holdings, who had provided funds to ilke Homes shortly before its administration. Despite not being listed as official creditors, these parties received preferential treatment under that agreement’s terms.
Additional recoveries came from an online equipment auction and a separate insurance payout following a break-in at the company’s former premises. The manufacturing asset auction raised £188,000, while an insurance claim added £161,603.
Ilke Homes went into administration in June 2023, leaving behind over £320 million in total debts. This included £2.2 million owed to HMRC, £725,000 in unpaid staff wages, and £249.3 million to unsecured creditors.
Two other related companies, Like Homes Land Ltd and Like Homes Holdings, remain in administration. Proceeds of £4.9 million have been raised under Like Homes Land Ltd, with £98,000 generated so far.
The company’s failure also resulted in the loss of approximately 1,100 jobs. Founded in 2018, ilke Homes had positioned itself as a key player in off-site modular housing before its financial position deteriorated.
