Bourne-based homebuilding the Allison Group has signed up got a £120m refinancing deal with a £20m five-year term loan from HSBC and a five-year £100m Revolving Credit Facility 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 build 2,000 homes a year by 2025. The business is also supporting the supply chain by cutting supplier payment terms from 45 to 30 days.
COO and former CFO Alastair Gordon-Stewart said: “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 £120m 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.”
