TopHat confirms phasing out volumetric operation

The Goldman Sachs-backed company blamed declining orders for the decision to open consultations with workers at its factory near Derby.

TopHat said the planned phase-out would see all factory orders completed.

TopHat’s total losses since its inception in 2016 have amounted to around £87 million.

A company statement said: “In response to the challenging market conditions of recent years, TopHat has gradually reduced its workforce.

“Unfortunately, due to the ongoing downsizing of the future pipeline, TopHat is in the process of laying off the majority of its factory workforce through a regulatory consultation process.”

“This orderly wind-down of volumetric activities will allow the company to assess all future options.

“It is our strong belief that there is an ongoing need for Category 1 and Category 2 modular modules in Britain and we hope we can take advantage of this in the future,” it added.