In House funding woes

WARRINGTON property group In House is so strapped for cash it does not have the £140,000 it needs to refurbish 25 of its properties so that they can be re-let.

This is despite the “high quality of income” it says it gets from asylum seekers or benefits claimants, where the rents are paid directly by local authorities.

In a trading statement the group said it is arranging short-term funding to meet its immediate cash needs, and is in discussions for long-term funding to address the refurbishment requirements.

It also said that a finance facility for the acquisition of property management companies has been withdrawn and it is looking for alternative funding for these transactions as well.

And it is to delay its acquisition of Cheadle-based Breatheasy Finance, again because it needs funding to buy properties identified for acquisition by Breatheasy. In mid-November it agreed to acquire a 75% interest in the company and issued shares in settlement of a £25,000 payment for a three month exclusivity period.