The Times – 23rd September 2019
David and Simon Reuben, the billionaire brothers and property tycoons, have invested £19 million in a modular housebuilder.
Project Etopia was founded in 2015 by Joseph Daniels, 27, and has opened a factory in Ellesmere Port, Cheshire, with capacity to produce 2,000 homes a year. It specialises in modular homes that it says combine energy-efficient design and affordability with rapid construction. The company uses a system where panels of different sizes are produced in a factory and then are delivered to development sites for assembly. It has begun to market homes in its modular commuter village in Corby, Northamptonshire, where this month the first of its 47 eco homes were completed.
The latest investment will allow the Cambridge-based developer to accelerate its expansion plans, which include adding more machines to increase its capacity to 6,000 homes a year. It comes after an investment of £9 million from Lord Fink, a former Conservative party treasurer and former chief executive of the Man Group hedge fund.
The Reuben Brothers were ranked second in The Sunday Times Rich List this year with a fortune of £18.7 billion. Born in India, the brothers came to Britain in the 1950s and made fortunes from carpets, property and metal, notably in the Russian aluminium industry.