Tophat appoints Paul Buddin as chief financial officer
Tophat, which uses tech-driven modular manufacturing techniques to create energy-efficient homes, has appointed Paul Buddin (pictured) as chief financial officer.
Buddin, who left McLaren Group in May 2021, will lead TopHat’s growth strategy as it looks to deliver over 3,500 factory-built houses and apartments a year by 2025.
In his previous role, Buddin was responsible for establishing and growing McLaren Automotive – a business set up in 2010 to break McLaren into the luxury automotive market.
During that time, McLaren Automotive went from achieving a £6m turnover and producing zero cars in 2010, to one that posted turnover worth £1.25bn and rolled 4,662 cars off its production lines in 2019.
Buddin will be responsible for ensuring TopHat secures funding for its rapid expansion plans, harnessing artificial intelligence (AI), precision-engineering techniques and robotics.
He will also aim to use his experience in high-tech manufacturing to streamline TopHat’s manufacturing processes, helping to significantly bring down costs over the long-term.
Buddin has used his appointment to call on the government to introduce incentives that will help bring down the capital costs of purchasing and installing the low-carbon technologies – such as air source heat pumps and solar panels – that will help the UK meet its domestic climate change targets.
Jordan Rosenhaus, chief executive at TopHat, said: “It brings me great pride to be able to bring someone of Paul’s calibre and capabilities to TopHat.
“As we look to progress with a long-term strategic vision of growth, TopHat will benefit from Paul’s industry and commercial experience that will help us to continue revolutionising housing delivery across the UK.”
Buddin said: “Reaching net-zero in housing will require a joint effort from the government and the private sector.
“Through grants and other incentives, policymakers have done a great job in encouraging more consumers to make the switch to electric vehicles in the last 10 years.
“As a result, it’s estimated that by 2022 the extra cost of manufacturing battery powered cars versus fossil fuel equivalents will diminish to £1,470.
“Ministers should now strive to replicate such successes, to help clean up housing’s act and achieve the economies of scale in production that will help bring down upfront costs that will be needed to help ensure the transition is accessible to all consumers.”
“I’ve been incredibly impressed with what TopHat has achieved in such a short amount of time and consider them an industry leader in delivering homes that are not only high-quality, but highly energy-efficient.
“The company’s business model is more akin to manufacturing, rather than house building. Therefore, I plan to use my decade worth of experience in high-tech manufacturing to help the modular housing pioneer scale up rapidly.
“If the government wants to achieve its climate reduction targets and investors want to meet new building regulations in such a short space of time, then factory-built housing has to be part of the solution.”