Morris Homes completes £190m refinancing
WILMSOW-based housebuilder Morris Homes has completed a refinancing deal with principal lenders RBS and Bank of Ireland which has provided it with a new three-year working capital facility.
As revealed by TheBusinessDesk.com earlier this month, the company had been in talks about extending its £190m facility that was due to expire yesterday.
The company said that with the loans in place it will target further growth opportunities. It added that new home reservations for the year ending 31 March had increased by 25% on the previous year, when it made a pre-tax profit of £1.3m on revenues of £126.1m.
The number of active sites on which it is building has also grown to 42 from 25.The company has also recently signed an agreement with the Homes and Communities Agency (HCA) to build a 300-unit eco-village of zero-carbon homes in Peterborough.
Mike Gaskell, managing director of Morris Homes, said: “Trading during the financial year just ended has been extremely positive and there are clear signs of improving underlying market conditions.
“We have seen a significant pick-up in demand for, and sales of, new homes across our sites and we are well positioned to capitalise on future opportunities.”
