Cala and Banner Homes secure bank support

Aaron Morby 10 years ago
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Banner Homes and Scottish house builder Cala group have both secures bank facilities to help the businesses buy land and grow.

Banner has secured a new £120m bank facility with three major banks, RBS, HSBC and Santander.

The four-year arrangement secures the future growth of Banner Homes and allows the house builder to accelerate its land and development operations.

Banner said it expects to deliver a turnover of around £100m in its financial year to May 2012, with profits up by 30% on 2011.

The house builder added it is focused on continuing this growth while maintaining its selective and targeted land acquisition programme.

In addition Banner’s major shareholder has extended its investment loan until December 2015.

Richard Werth, chief executive of Banner Homes said: “This deal, with arguably some of the best names in banking, is a great achievement for the company and will allow us to accelerate Banner’s growth in quality opportunities building on our profitable performance over the last few years.

Meanwhile, Cala has secured a £180m banking facility with Lloyds after the house builder returned to profit last year for the first time in four years posting a £2m profit on turnover of £215m.

The deal extends its bank facility until December 2014 and will fund the group’s current business strategy and build upon its trading performance.

Cala said that sales volumes had risen 12% since the start of its financial year, beginning July 1 2011. Its average selling price also rose 2% to £290,000.

Alan Brown, chief executive of Cala Group, said: “We enjoy a very strong relationship with Lloyds and, following their support during the downturn, they have reiterated their confidence in our ability to deliver the next phase of CALA’s growth strategy.”

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