Morris Homes secures £200m refinancing deal
The Wilmslow-headquartered housebuilder has agreed a new three-year working capital facility worth in excess of £200m with its principal lenders RBS and Bank of Ireland.
Morris Homes said it has seen an increase of more than 25% in new home reservations over the last 12 months and a jump in annual profits.
The housbuilder is currently actively developing 42 sites compared to 25 during the same period last year and is stepping up its programme of purchasing new land for development, with plans to accelerate its expansion across the North and the Midlands.
Mike Gaskell, managing director of Morris Homes , said: "Trading during the financial year just ended has been extremely positive and there are clear signs of improving underlying market conditions. We have seen a significant pick-up in demand for, and sales of, new homes across our sites and we are well positioned to capitalise on future opportunities."
As part of its focus on sustainable development Morris Homes recently signed an agreement with the Homes & Communities Agency to build an eco-village of almost 300 homes in Peterborough city centre.
Morris Homes claims the development will be Britain's largest 'zero carbon' housing development and will be delivered as part of the Government's Carbon Challenge programme which aims to raise the environmental performance of new homes within the community.