Inland Homes plc (AIM:INL) is seeking to offload its modular subsidiary Hugg Homes for more than £10 million in a bid to ease its balance sheet woes. The temporary housing business provides modular homes in areas where housing demand outstrips supply, with new homes completed for sale in 12 weeks from a UK manufacturer. Hugg comprises 22 mixed-tenure homes in Southampton and 32 tenanted in Cheshunt to Broxbourne Borough Council,
with an agreement for lease for a further 16 homes. It generates around £715,000 in combined annual rental income. Residents of Hugg Homes can include single parents, people on low income or those escaping domestic abuse. The sale of Hugg includes all branding, intellectual property and access to existing supply chains. The homes, available as one, two and three-bedroom units, have an EPC C rating. Inland Homes previously set out plans to dispose of a number of its non-core assets in January. The sale processes come after one of the housebuilder's subsidiaries, Inland Homes Developments, breached banking covenants relating to a £13.6 million loan from HSBC.