London housebuilder Telford Homes has struck a refinancing deal with its lenders to secure its future

In a statement to the London stock exchange, the firm said a £57m grant from the Homes and Communities Agency (HCA) for seven developments had also provided a boost.

Andrew Wiseman, chief executive, said: “The strong partnerships which the company has with a number of housing associations and the grant programme agreed with the HCA mean that, to a certain degree, we are able to shelter the company from the lack of activity.”

The group said it had completed 350 sales in the year, compared with 311 in the previous 12 months, although it expected between 60 and 80 deals to collapse this year owing to reduced mortgage availability.