Jigsaw completes £851m refinancing for development drive 

The North West-based housing association wants to deliver 4,000 additional homes over the next five years.

Jigsaw Homes Group, which operates and manages more than 36,000 homes across the North West and East Midlands, has completed an £851m refinancing exercise with five funders.

Paul Chisnell, executive director of Finance at Jigsaw Homes Group, said: “As we continue with our plans to help tackle the current shortage of new affordable housing, this refinancing package helps us take another step forward in our commitment to deliver 4,000 homes over the next five years, as well as investing in projects and assets that increase life opportunities for our residents.”

The deal includes £152m of new facilities, bolstering the company’s liquidity for its development drive.

Natalie Swales, partner at law firm Devonshires, which advised Jigsaw on the refinancing, added: “The additional facilities coupled with the value unlocked in [Jigsaw’s] security portfolio as part of the refinance will ensure Jigsaw is well equipped to continue its pivotal role in the provision, maintenance and delivery of affordable housing over the coming years.”

Jigsaw is on the cusp of a new era, with long-standing chief executive Hilary Roberts due to retire in March.

Current deputy chief executive Brian Moran will take over the top job.

The social housing provider has its headquarters in Ashton-under-Lyne and also operates offices in Leigh and Arnold. Current projects include 106 homes in Poulton-le-Fylde and 71 in Openshaw.