Devonshire Homes announces extended revolving credit agreement to spearhead ambitious growth plans
10 February 2022West Country independent housebuilder Devonshire Homes has extended its revolving credit facility with Lloyds Bank to facilitate future growth plans.
The newly extended agreement will support Devonshire Homes’ expansion strategy to double turnover and deliver 400 homes per annum by 2026.
The privately-owned housebuilder has enjoyed a long-standing relationship with Lloyds Bank since 2016 and this new revolving credit facility will exist for three years with the option to extend.
Devonshire Homes has been building homes across the West Country since 1992 and welcomed a new Managing Director, Angus Cook, last year. Angus’ appointment and the new revolving credit facility follow a strong performance by the company throughout the pandemic, which has seen turnover increase to just under £47 million.
Angus Cook, Managing Director at Devonshire Homes, commented:
“We value our long-term relationship with Lloyds Bank and the confidence the bank has in our robust growth plans.
“This new agreement comes at the perfect time. 53% of our homes are sold for 2022 and demand for new build homes is predicted to remain strong. Land acquisition is integral to our growth. We are a privately-owned housebuilder with the ability for swift decision making with landowners. Access to this larger revolving credit facility will enable us to continue acquiring land across the South West and keep bringing more quality housing to areas that need it in the West Country.
“I’m immensely proud of the Devonshire Homes team for their ongoing commitment and energy to enable us to realise our growth plans. In particular, I would like to thank our Financial Director Owen O’Callaghan who has been fundamental in driving and securing our extended revolving credit facility.”
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 spring.