Advisers help complete the jigsaw in £360m bond issue

A team from accountants and business advisers Beever and Struthers have provided financial advice on a major bond issue that raised £360m to provide 4,000 new homes over the next five years.

The firm, which has offices in Manchester and Blackburn, acted for its client Jigsaw Homes Group, a provider of social and affordable homes for rent and sale, on raising the cash through the bonds market.

Jigsaw Homes Group is one of the largest housing groups in England, with more than 35,000 homes across the North West and East Midlands and will be using the investment to support its target of providing 4,000 new social housing properties over the next five years and to become a carbon net zero organisation by 2050.

As reporting accountant, Beever and Struthers was responsible for key input into the process through verification of financial information in the bond prospectus issued to potential investors and confirmation of the financial position of the group.

The bond issue also involved financial advisory firm Savills, funders NatWest and Barclays, legal advisers Addleshaw Goddard and Trowers & Hamlin and M&G Trustee Company.

John Jones, partner and head of corporate finance at Beever and Struthers said: “We are one of the leading providers of specialist audit and advisory services to housing associations nationwide and were delighted to assist Jigsaw with this tremendously successful fundraising to support their sustainability targets.”

Hilary Roberts, chief executive of Jigsaw Homes, said: “The level of investor engagement and oversubscription we received reflects our standing as one of the sector’s leading housing groups. Investors were attracted to our robust and consistent financial and operational performance, our track record as an established developer with a strong management team and clear commitment to sustainability. Jigsaw is now firmly established in the public bond market, which will enable us to deliver more high-quality and energy-efficient homes.”