Housebuilder says deal will provide it with the funding to “confidently” invest in new developments

Weston Homes has announced the completion of a £120m refinancing deal with a syndicate of banks led by HSBC.

The housebuilder said the facility would run to the second half of 2015 and provide it with the funding to “confidently” invest in new development opportunities.

Chairman and managing director Bob Weston said the funding package was a “significant sign” of confidence in the company on the part of its banking partners, which also include Lloyds Banking Group.

“We have built up a formidable land bank with a good mix of small and quick turnaround sites, and some longer more prestigious ones which will be developed over the coming years,” he said.

“Our strategy of providing high quality good value homes in London and the Home Counties has delivered strong sales growth, and we are excellently placed to take advantage of our leading position among medium sized builders as the market continues its recovery.”

In the last 12 months Weston has launched ten developments across the South East and Greater London, and catered for growing demand at existing developments.

However, government funding cuts to social landlords also caused it to abandon a 750-home scheme in Rainham, Essex.


  

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