£20 million funding boost for Devonshire Homes
18 August 2022Devonshire Homes has increased its existing revolving credit facility (RCF) from Lloyds Bank to £20 million to facilitate the housebuilder’s future growth plans.
The privately-owned housebuilder is currently active on five West Country sites, with a further four additional sites in the region acquired within the last three months.
Devonshire Homes has enjoyed a long-standing relationship with Lloyds Bank since 2016 and this newly extended finance facility supersedes its previous arrangement with Lloyds Bank that was announced in February 2022.
Devonshire Homes has been building homes across the West Country since 1992 and the new RCF will accelerate the housebuilder’s expansion plans to double turnover and deliver 400 homes per annum by 2026.
Angus Cook, Managing Director at Devonshire Homes, commented: “This marks another important milestone for Devonshire Homes and we are delighted to have agreed this new £20million facility with our long-term and supportive banking partners at Lloyds Bank.
“Devonshire Homes is on a significant growth trajectory and this new RCF helps cement our position as an established and ambitious developer in the South West. It provides us with the flexibility to continue to acquire and establish new sites to deliver high-quality homes to people who need them.
“This new agreement comes at the perfect time. As a privately-owned housebuilder, our ability to make swift decisions with landowners has been the cornerstone of a string of recent land acquisitions in this last quarter. And now with this extended financing secured to support our business growth objectives, we are keen to build on the momentum; to build our land bank, further strengthen all areas of the business and are very much looking forward to the future.”
Paul Collings, Relationship Director at Lloyds Banking Group, commented: “Sustainability has become more of a priority than ever for homeowners, so it’s great to see Devonshire Homes bring forward greener homes, provide energy solutions to help reduce household costs and ultimately help futureproof properties for generations to come.
“We’re proud to back Devonshire Homes and its long-term commitment to providing sustainable housing for the West Country. We will continue to be by the side of local businesses as they accelerate their environmental ambitions and help the South West to reach its net zero goals.”
Independent housebuilder Devonshire Homes has been creating new homes and communities in towns and rural areas across the South West for 30 years. The housebuilder specialises in providing homes which reflect the traditional characteristics and building styles of the region combined with high specification, contemporary interiors.
Current developments include: Tarka View, Crediton; Applegate Park, Kingsbridge; Longston Cross, Bovey Tracey and Gwallon Keas, St. Austell with The Grange, Bideford, launching this autumn.