Billionaire brothers, David and Simon Reuben have invested £19m in modular housebuilder, Project Etopia
Project Etopia was founded in 2015 by Joseph Daniels, 27, and has opened a factory in Ellesmere Port with the capacity to produce 2,000 homes a year. It specialises in modular homes that combine energy-efficiency with affordability and accelerated construction.
Support from the Reuben Brothers follows an earlier injection of capital from Lord Stanley Fink, who is chairman of the modular housebuilder.
A spokesperson for the Reuben Brothers, said: “Project Etopia has set out its stall in building elegantly-designed, high-quality eco-homes and is already demonstrating how its vision aims to make a big impact to address the UK’s housing crisis.
“The company has an enormous ambition to revolutionise the housing industry, and we are pleased to support an important pioneer in the sector. The day when offsite construction arrives as a mainstream method within house-building is drawing ever closer and our investment will provide Etopia the resource needed to deliver on its goals as soon as possible.”
Project Etopia chief executive Joseph Daniels, commented: “Reuben Brothers’ significant investment in Project Etopia is a huge endorsement by an eminent investor of what we are doing and marks an enormous milestone in the company’s history.
“There is no place for poor quality housing in the UK, and we are demonstrating that high-quality affordable housing can be built at great speed with a drastically smaller environmental footprint. With a growing pipeline of future projects, this latest investment will ensure we can take full advantage of the demand which exists for new homes that use the latest offsite techniques.”
The company is currently building a development of 31 houses and 16 apartments on a site in Corby, Northamptonshire, using modular prefabricated components.
