Housebuilder set to break through £100m turnover barrier
Solihull housebuilder Hayfield says it will hit the £100m turnover milestone in 2021, by delivering over 300 luxury homes across middle England.
The multi award-winning housebuilder’s turnover for the current calendar year is in excess of £50m.
The has grown by 25% this year, despite a two month pause of all construction activity during the first coronavirus lockdown.
Boss Mark Booth said: “This has been a year like no other. During the first national lockdown every housebuilder across the country went into survival mode. However, knowing that the pandemic would result in a shortage of new homes, we made the proactive decision to re-start construction across all our developments in May. No-one predicted the surge in sales to the UK’s housing market when it was able to re-open, and from our perspective it is yet to show any signs of slowing down. We enter 2021 with an astonishing forward order book of 40%.
“In order to deliver significant growth, we continue to work hard with our supply chain to maintain the rate of construction on our eight development sites, whilst working to our Covid-19 Safe Operating Procedure. We secured a five-star customer satisfaction rating from the Home Builders Federation (HBF) at the start of the year and we hope to maintain this status in March 2021, while also gearing up to double our turnover to £100m.”
Hayfield’s growth has been fuelled by £85m of equity and debt funding, which has enabled the four-year old housebuilder to acquire a significant land bank. A £50m senior debt site acquisition facility, together with rolling development funding, is provided by OakNorth Bank. In addition, a prominent Dubai-based family office private investor – with over 30 years’ property development experience in the UK and internationally – has provided a £35m rolling equity facility. Hayfield has secured three new prime development sites in Buckinghamshire and Bedfordshire over the past two months.
Hayfield specialises in building luxury family houses and has eight live sites in prime locations in Warwickshire, Oxfordshire, Bedfordshire, Cambridgeshire, Buckinghamshire and Wiltshire where a total of 554 homes are currently under construction.