Independent South West housebuilder Devonshire Homes has extended its revolving credit facility with Lloyds Bank which will enable the £47m-turnover firm to grow and build hundreds of houses each year.
The newly extended agreement will support Devonshire Homes’ expansion strategy to double turnover and deliver 400 homes per annum by 2026.
The privately-owned housebuilder has had a relationship with Lloyds Bank since 2016 and this new revolving credit facility will exist for three years with the option to extend.
Devonshire Homes has been building homes across the South West since 1992 and welcomed a new managing director, Angus Cook, in 2021.
Mr Cook’s appointment and the new revolving credit facility follow a strong performance by the company throughout the pandemic, which has seen turnover increase to just under £47m.
Mr Cook said: “We value our long-term relationship with Lloyds Bank and the confidence the bank has in our robust growth plans. This new agreement comes at the perfect time. 53% of our homes are sold for 2022 and the demand for new-build homes is predicted to remain strong. Land acquisition is integral to our growth.
“We are a privately-owned housebuilder with the ability for swift decision making with landowners. Access to this larger revolving credit facility will enable us to continue acquiring land across the South West and keep bringing more quality housing to areas that need it in the West Country.
“I’m immensely proud of the Devonshire Homes team for their ongoing commitment and energy to enable us to realise our growth plans. In particular, I would like to thank our financial director Owen O’Callaghan who has been fundamental in driving and securing our extended revolving credit facility.”
Devonshire Homes specialises in providing homes which reflect the traditional characteristics and building styles of the region combined with high specification, contemporary interiors.
Current developments include: Tarka View, Crediton; Applegate Park, Kingsbridge; Longston Cross, Bovey Tracey and Gwallon Keas, St. Austell with The Grange, Bideford, launching this spring. The company is multi award-winning and based in Tiverton where it employs more than 40 people. Since its launch, Devonshire Homes has built about 1,500 new homes in the South West and created 30 new communities.
