Allison Group has has secured £120 million of funding to achieve its goal of delivering 2,000 homes a year by 2025.
A £20 million, 5 year term loan from HSBC and a 5 year £100 million Revolving Credit Facility (RCF) has been put in place with HSBC and NatWest, placing the group in a strong position for future growth plans.
The RCF will be used for investment in new land and development and will enable Allison Group to achieve its goal of delivering 2,000 homes a year by 2025. The business recognises that this target cannot be reached without the support of its supply chain and in recognition of this the group is pleased to be able to announce that from 1st August 2022 it has improved supplier payment terms from 45 to 30 days.
Chief Operating Officer and former Chief Finance Officer Alastair Gordon-Stewart talks of how pleased he is to announce the news of the refinancing: “I am very satisfied with the financial firepower the refinancing gives to the Allison Group. This builds on our long standing relationship with HSBC and I am delighted to form a new relationship with NatWest and look forward to working with both Lenders into the future.”
John Anderson, CEO of Allison Group said: “Refinancing will undoubtedly bring exciting possibilities for Allison Group. We are making significant progress and have excellent ideas in store for our future that will now be viable with the £120 million we’ve secured from HSBC and NatWest. We are continuing to seek new talent, improving payment terms for suppliers, and making great headway towards our goal of building 2,000 homes a year. Our growth strategy is being brought to life and we are excited about what the future holds for us.”
