Housing group lands £100m warchest
One of the biggest independent providers of social housing in the UK has secured a £100m credit facility with Barclays.
Longhurst Group has 23,000 homes operating across 50 local authorities areas from the North East Midlands to Birmingham, Northamptonshire and Cambridgeshire. The Group will use the cash to fund its development programme and in particular, 800 units under the Homes England partnership across the East Midlands.
Rob Griffiths, chief finance officer, Longhurst Group, said: “We’re delighted to have increased and extended our revolving credit facility with Barclays. We’re committed to making a real difference to the housing crisis by building more homes for social rent, affordable rent and shared ownership. Barclays understand our business and have supported Longhurst for a number of years in terms of providing finance for our development programme and we’re really pleased to be working with them over the next few years to deliver more new homes.”
David Glover, Barclays relationship director, said: “We have a strong and longstanding relationship with Longhurst Group so for Barclays to support the next stage of their evolution with an increase and extension to their borrowing facilities makes good business sense and underlines our ongoing commitment to the Social Housing sector in the UK.”