Housebuilder lands £10m funding deal and sets foundations for growth
A Derbyshire-based housebuilder has secured a £10m funding package from Lloyds Bank.
Family-run Woodall Homes, headquartered in Barlborough near Chesterfield, will use the funding from Lloyds Bank to increase its number of active sites and expand its footprint across the region.
The firm’s turnover has grown by 25% over the last three years, with Woodall completing 60 homes in the last financial year. Woodall is now aiming to break the 100-home mark this year, with a view to completing 250 homes a year within the next five years. The business is looking to recruit five additional staff over the next year.
In December 2020, Woodall received a £4.25m investment from BGF.
Experienced non-executive chairman Derek Mapp has also recently joined Woodall’s Board as it seeks to scale and drive quality. Mapp currently holds the same role at outsourcing group Mitie and has also held chair positions at the East Midlands Development Agency and Sport England.
Ian Grundy, CFO at Woodall Homes, said: “As the demand for housing continues to increase, we want to ensure that Woodall Homes is in the best position it can be to deliver the premium homes that the Midlands and South Yorkshire need.
“We’re doing this by adding fresh talent to our team, and also by working with experienced banking partners such as Lloyds Bank. Their know-how and understanding in this area meant that they immediately bought into our building ethos and ambition to drive quality. The funding from Lloyds Bank opens many new doors in terms of development for the business and I am excited to see where this will allow us to take the company in the future.”
Jeremy Prentice, relationship director at Lloyds Bank, said: “Woodall Homes is an excellent example of a business that’s investing smartly and capitalising on demand. Housing is always high on communities’ agendas, and there’s huge demand from families looking for green space following the pandemic.
“Investing in growth, where possible, is a strong way of mitigating current inflationary challenges. We’re committed to helping firms like Woodall target growth and achieving their ambitions, and we’re excited to be by the businesses side as they target this.”