Developer gets £65m of funding for expansion

CUMBRIAN-based property developer Story Homes has announced the approval of a £65m funding package to boost company’s ambitious growth over the next five years.
 
The package, which was agreed last month, has been provided by Lloyds Bank and will support the housebuilder as it continues to expand regionally.
 
With plans to boost its presence across the North West and North East before 2020, the company is committed to growing business within these regions and is aiming to open a fourth office in South Manchester to assist this.

Story Homes chief executive Steve Errington said: “We’re now in an even better position to buy and secure the land required to achieve our expansion plans and continue to provide high quality homes for life.

“The Brexit decision sparked a great deal of uncertainty across the industry, as well as with consumers, but despite this, we’ve seen sales increase. I’m confident that demand for housing will continue to grow now that the initial period of risk over Brexit has passed.”

The funding has also allowed for the investment in Story Homes’ key initiatives surrounding its workforce, including apprenticeship and graduate schemes and management programmes.

Moreover, the firm has introduced a number of innovative new on and off site technologies.

The firm – which was established by Fred Story in 1987 – completed 800 homes in 2016, a number which is expected to grow to 1,400 over the next two years.

Gary Chapman, mid markets North East relationship director at Lloyds Bank, said: “Lloyds Bank has been a big supporter of Story Homes over the years and recognises the great work the management team has done to always put the customer first and the commitment they have to providing high-quality homes for families across the North of England.

“We look forward to supporting the future expansion of the business over the coming years.”