Cala secures £180m loan facility

Scottish housebuilder Cala Group has secured a £180m banking facility with Lloyds following the company’s return to profit last year for the first time since 2007.

The company said Lloyds had signed an extension to its current banking facility, due to expire in June 2013, taking it to December 2014.

Updating on recent trading, the firm said sales since July last year were up 12% compared with the period in 2010, with 322 sales, and prices up 2% with a £290,000 average selling price.

Alan Brown, chief executive of Cala Group, said: “We enjoy a very strong relationship with Lloyds and, following their support during the downturn, they have reiterated their confidence in our ability to deliver the next phase of CALA’s growth strategy.

“The positive momentum we generated last year has continued this year and we are very pleased with our trading performance over the past six months. Our focus remains on delivering high quality homes to customers and, despite the wider economic headwinds facing the UK, the group is on target to deliver a strong performance in 2012.”