A HOUSEBUILDER is set to accelerate its growth plans after securing a £25m funding package from the Newcastle team at Lloyds Bank.
The deal sees Carlisle-based Story Homes extend its housebuilding activities throughout the firm’s core markets of Cumbria, the North East, the South West of Scotland and into Lancashire.
It intends to use the new facility to help bring forward new housing schemes across a number of strategic land assets which it has acquired over a period of years.
Story Homes is known for building family homes and has won several national awards for its developments.
Its Turnstone Park scheme in Carlisle and its site in Dumfries were both named the best developments in their respective regions by the Daily Mail in 2012.
Sales rates have held up very well despite the more challenging economic conditions. Story managed to grow its turnover from £45m in 2011 to £59.4m by the year ending March 2012.
Its pre-tax profit also skyrocketed by more than 166% from £1.2m to £3.2m.
All land purchasing, planning, building and sales are undertaken in-house by the team at Story Homes.
Story Homes is chaired by founder Fred Story, who said: “We’ve maintained our growth throughout a challenging period for housebuilding by developing a strategic land bank and by always putting the needs of our customers first. Every decision we make is based upon delivering a first class product for our customers.
“Over the past few years we’ve built up a strong portfolio of new sites which we’re now ready to bring forward and with the support from Lloyds we can begin to unlock new areas of growth.”
Gary Chapman, relationship director for Lloyds Bank Commercial Banking for North Cumbria and the North East, said: “Story Homes is a company with strong fundamentals including a great management team who are passionate about what they produce with a real ambition to grow their business.
“This is an exciting time for Story Homes. With Lloyds’ support it gives the company the liquidity it needs to unlock value from its existing land bank and also to increase the pace of build-out as well as acquiring further sites.”