Beever & Struthers advises on £225m bond issue

MANCHESTER accountant Beever and Struthers has advised on a £225m bond issue for a Midlands housing group.

Lincolnshire-based Longhurst Group raised the cash to fund the development of 1,700 homes throughout the Midlands over the next four years.

Around 1,300 of the properties will be for rent and the remainder will be low-cost homes offered on a part-buy, part-rent basis.

As reporting accountant, Beever and Struthers was responsible for the provision of financial information in the bond prospectus and for confirming there had been no adverse change in the financial position of the group since the latest audited accounts.

John Jones, partner and head of corporate finance at Beever and Struthers, said: “We are one of the leading providers of specialist financial advisory services to housing associations and other not-for-profit organisations nationwide and were delighted to assist Longhurst with this tremendously successful fund raising.”

Rob Griffiths, group executive director of financial services at Longhurst Group, said: “As public funding for affordable housing has reduced, housing providers need to look to alternative funding streams.

“Approaching the bonds market was the best way of raising the capital we needed to restructure our existing funding and, working closely with our banking partners and advisors, to create the facilities to make a real dent in the region’s housing shortfall.

“The money is going to make a tremendous difference to so many people. We look forward to continuing to work with our local authority and development partners on the provision of new affordable housing in the Midlands.”

Longhurst has four companies – Friendship Care and Housing, L&H Homes, Spire Homes and Keystone Developments – which own and manage over 17,800 homes.