The managing director of volumetric house builder TopHat is stepping down amid an ongoing streamlining programme.

Andrew Shepherd leaves the firm at the end of this week after nearly four years at the business that has to make a profit.

He said:  “After a roller-coaster near-four years in the world of modular house building I will be moving on to a new challenge.

“I wish my colleagues all the best moving forward and would like to express my personal gratitude for all their hard work and dedication.

“The team has achieved so much under some, lets be honest, challenging circumstances. ”

His departure comes after the Goldman-Sachs backed modular builder announced a cost-cutting programme two months ago.

This involved consultations for 70 redundancies.

At the time it said cut-backs were taking place in response to the prevailing challenging market.

It said: “The changes are a prudent step to ensure the business maintains current delivery levels during 2024 and is well positioned for growth as the market returns.

“The medium and long term need for volumetric modular homes is becoming ever clearer as traditional build capacity is constrained by the growing skills shortage.

“While cost cutting is always tough, these changes will put TopHat in pole position for growth when demand rebounds.”

TopHat has been trading since 2016 with investors – who also include Aviva and Persimmon – pumping in £200m of funding since then.

Latest results for TopHat Industries Ltd for the year to October 31 2022 showed pre-tax losses increased to £20.4m from £19.4m last time as turnover dipped to £10.2m from £12.3m while the company then employed 212 staff.