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nHouse

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Beautiful, spacious eco-friendly homes. Made using modules. Designed to last. Built offsite in the UK.

252%
 - 
Funded 7 Jan 2022
£100,000 target
£253,410 from 620 investors
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Business overview

Location Norwich, United Kingdom
Social media
Website www.the-nhouse.com
Sectors Property Non-Digital Mixed B2B/B2C
Company number 10453844
Incorporation date 31 Oct 2016
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Investment summary

Type Convertible
Discount 20%
Share price N/A
Tax relief N/A
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Business highlights

  • Winner of 'Gold Award' at London Design Awards 2021
  • ‘Leading Provider of Contemporary Modular Homes 2021' Build Mag
  • nHouse achieve Energy Efficiency in top 1% of homes
  • First nDevelopment scheme for 9 houses in progress
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.00 +
  • Pay by Bank payments not accepted
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 620
  • Discussion
  • Documents

Learn more about convertible campaigns.

Idea

Introduction

nHouse is a young disruptive housing company offering award-winning designs. We make houses using modular methods - meaning they are constructed in individual sections in a factory before being taken and connected together at a building site.

nHouse owns all of its designs and intellectual property and a showhouse. The 5 homes in our current range are eco-friendly, packed with lifestyle technology, spacious, have healthy home attributes, are low cost to run, and made of high-quality materials. BOPAS accreditation means they are not only mortgage friendly but also come with structural warranties.

To date, we have delivered housing projects in London, Wales, Devon, Oxfordshire and Cambridgeshire for both self-builders and developers.

In 2022 we aim to grow nDevelopments - our new housing development arm.

The UK government sees offsite house building as part of the solution to the housing crisis due to production speed, quality and eco-benefits.

Substantial accomplishments to date

Financial Accomplishments

Since 2016 we have been backed by 1,000+ private investors investing over £2m. Our 'lean' model has minimized setup costs.

In 2021 nHouse raised investment through UK Government's 'Future Fund' scheme.

We are committed to product improvement. In 2021 we submitted one of our largest claims to the UK’s Research and Development tax credit scheme (over £160,000.)

Awareness Accomplishments

nHouse won 'Contemporary Modular Housing Provider of the Year 2021' by Build Magazine.

nHouse won Gold in the 2021 London Design Awards

Head of Design and Production, Charlotte Garrett and our Head of Client Services, Emma Feaver have become Ambassadors for Women in Construction in 2021

We continue to be ranked on the front page of Google for modular house searches.

Environmental Accomplishments

nHouse delivers homes in the top A band of energy efficiency. Our homes are available with house batteries, solar power and Air Source Heat Pumps. Car rechargers come as standard.

38% of the CO2 generated annually is due to construction. However, offsite construction reduces CO2 production per house by approx 60%

Homes produces offsite in factories reduce material waste (and therefore landfill) by up to 90%. Energy used in site traffic movement can also be reduced by up to 70%. Building lifecycle energy usage can be cut by 20%

The total number of homes achieving A at EPC rating (like nHouse) in 2020 was less than 1%.

Monetisation strategy

nDevelopments is designed to increase sales output and to increase margins. This is achieved by enjoying both the typical margin of being a housebuilder alongside the margin normally achieved by property developers.

In 2023, we plan to launch new housing products such as assisted living housing, leisure homes and corporate accommodation. This will allow us to capture additional market share and grow revenue.

nHouse also aims to create partnerships with major construction companies in the UK and overseas in order to sell nHouses. This may be achieved via direct ownership, design licensing, franchising or joint ventures.

Ultimately, nHouse is aiming to be a volume UK and international housing supplier with a large turnover and strong margins whilst maintaining its environmental and social values.

We aim to reward investors via the ability to trade nHouse shares in the Seedrs secondary market and via other events that allow investors to achieve a premium.

Use of proceeds

This raise will be used in five ways:

1. Employment of additional personnel (e.g. Project Manager) over the next 12 months. .

2. Marketing activity (such as award entering etc) to raise awareness and credibility leading to increased sales.

3. Improvement of current nHouse products via design and prototyping.

4. Legal and advisory costs to support a major 2022 raise.

5. Runway Extension / Working capital to support sales.

Key Information

ASA Terms

This investment round is being raised by way of a convertible equity investment structure, in this case, an 'advanced subscription agreement'.

The key terms that apply to the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.

Discount – conversion at a 20% discount to the valuation set by a Trigger Event.

Valuation cap of £30m.

Conversion is triggered by ("Trigger Events"):

- An Equity Fundraise – defined as the Company raising investment capital of at least £500,000 from one transaction or a series of transactions, in exchange for the company issuing Ordinary shares;

- A Change of Control of the company (transfer of more than 50% of the share capital); or

- An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.

- Longstop Date is 12 months from the date of the advance subscription agreement.

If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Share Price, which is the lower of:

- the lowest price of any shares issued after the date of this Agreement; and

- a price per share of £0.38, based on a pre-money company valuation of £5,523,457 on a fully diluted basis.

- The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.

Outstanding debt

The company has the following outstanding loans:

1. Director loan of £28,907.50. This is a long-term loan with no agreed repayment terms.

2. Bounce Back loan of £17,732.89 with a 2.5% interest rate, to be repaid over 59 monthly installments from June 2021.

3. A loan of £102,491.35 as an advance on and R&D tax claim of £165,000 due to the company in January 2022. This has an interest rate of14.4% per annum increasing to 21.6% per annum if not repaid by 31st Jan 2022.

4. Shareholder loan of £192,108 with an 8% interest rate. Interest is to be repaid every 6 months, with the full repayment to be repaid June 2023.

None of the funds raised will be used to repay these loans.

Outstanding Convertible Loan Note

The company entered into a Future Fund Convertible Loan Agreement on 8th March 2021, meaning shares will be issued in the future to the loan holders, which may dilute investors in this round. Key details of the CLN terms are set out below:

Principle loan amount: £294,460
Discount: 20%
Interest: 8% per annum
Valuation cap: £30m
Maturity date: 8th March 2024

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Share on:

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from Convertible

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a convertible campaign allows you to invest today, with your investment converting into equity in the future, at a discount compared to other investors.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

Find out more

Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Warning

You are following a link outside of www.seedrs.com.

None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

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