A £10 million funding package from Lloyds Bank could help a North East housebuilder double its turnover by 2023.
The support package – an increase of £3 million on a previous facility between Lloyds Bank and Cussins – will support the housebuilder’s ongoing growth strategy, enabling it to acquire new, larger, tracts of land for future development and meet construction costs. It also comprises a revolving credit facility and an overdraft.
“These past few years have very much been a growth story for our business, and this backing will mean we can go further still. We have had a long-standing relationship with Lloyds Bank, and their support has been key to achieving our past growth ambitions. It has backed us once again and increased the size of the facility to ensure that we have what we need to help us work towards our targets,” commented Peter Cussins, executive chairman at Cussins.
“The company has exciting plans which will see us continue to expand production across the region. We have secured some excellent new schemes which will offer a wide range of options for our purchasers. A key focus for us is in maintaining the design and build quality our customers expect.”
Over the next three years, the housebuilder aims to treble its number of housing plots to about 1,000 units, increasing its annual housing output from the current level of more than 100 units per year to about 300. Turnover is projected to rise to £70 million by 2023.
“Cussins is a business that has big ambitions for the future. With this funding in place it will have the liquidity it needs to secure and develop prime sites to meet its growth targets, ultimately bolstering its revenue, supporting jobs in its business and its supply chain and increasing the availability of high-quality housing here in the North East,” added Hannah Douglas, relationship director at Lloyds Bank Commercial Banking.
Cussins, headquartered in Alnwick, constructs houses and apartments across the North East, specialising in mid-market three-, four- and five-bedroom detached properties.