Cala and Banner Homes secure bank support

Aaron Morby 12 years ago
Share

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.”

Latest news

Plans go in for huge Olympic Park construction hub

Bow Goods Yard could deliver 3.5m tonnes of materials a year to sites across London
39 mins ago

Surgo Construction went down owing £4.5m

Biggest creditor is Bellway Homes after dispute on housing job
3 hours ago

Plan for £100m Liverpool Baltic station

Construction work could begin next year
4 hours ago

Vistry seals £157m West London housing deal

Around 575 homes to be built at Merrick Place scheme in Ealing
3 hours ago

Streamlined Watkin Jones returns to profit in first half

Multi-room specialist sees secured work pipeline hit £1.4bn
3 hours ago

Bellway hires ex-brickie as group construction chief

James Griffin to oversee move to the Future Homes Standard and timber frame.
3 hours ago

Persimmon under fire for delays to £10m relief road

West Suffolk Council serves Breach of Condition Notices after timetable slips again
3 hours ago

BAM wins £33m Kent secondary school job

Replacement Swanley academy to be built at live school site
3 hours ago

Aluminium cladding specialist collapses

Melton Mowbray-based firm worked for several main contractors
1 day ago

Brickwork contractor Lee Marley returns to profit

Affordable and rental homes demand lifts brickwork contractor
1 day ago

Housing contractor Durkan suffers second year of losses

More fire safety provisions tip firm into £3.9m loss
1 day ago

Farrans makes breakthrough on tricky tunnel job

Tunnel under Tees latest part of new £155m water pipeline job
1 day ago

Heidelberg buys aggregates and earthworks specialist B&A

Latest deal follows acquisition of Mick George
1 day ago

Flagship biodiversity net gain scheme flawed

NAO warns Government's flagship green development scheme at risk of failure
4 days ago

Plan in for £3bn Lincolnshire mega data centre

3.3m sq ft Humber Tech Park will be one of Europe's largest data centres
4 days ago

Green light for Digbeth 1,300 homes scheme

Warner’s Fields scheme to start with excavation and landscaping of the River Rea
4 days ago

£210m M3 Junction 9 upgrade gains consent

VolkerFitzpatrick to start work in early 2025 on Winnall roundabout, near Winchester
4 days ago

United Living wins 14-year L&Q homes repairs deal

Trafford housing upkeep deal worth £205m
4 days ago

£400m Lewisham resi-led scheme advances

Land deal paves way for Amro Partners' 1,000-home London scheme
4 days ago

McLaren gets go-ahead for Grade II listed Leeds student scheme

Springfield House to be revamped and two new wings added
4 days ago

Piling giant to fit people alarms on all rigs

Cementation Skanska upgrades site safety systems
4 days ago

Vistry to make £800m profit after subcontractor cost cuts

House builder bullish about shareholder returns after asking suppliers for discounts
5 days ago

Shareholders approve £2.5bn Barratt and Redrow merger

Final hurdle is for the competition regulator to approve the deal.
5 days ago

Green light for £80m Leith waterfront revamp

Build-to-rent homes and student accommodation scheme to be built
5 days ago

Tilbury Douglas clears Interserve legacy jobs to return to profit

Revenue tops £500m in first year as standalone contractor
6 days ago

Land deal paves way for Manchester civil service office hub

Government buys five acres at former Central Retail Park
5 days ago

Speller Metcalfe wins Wolverhampton library upgrade

Full works are due to start in the autumn
5 days ago

Skills shortage puts big infrastructure projects at risk

Government failing as an intelligent client and now over-reliant on consultancies
6 days ago

Contractors face further insulation board price hikes

Cost of PIR insulation boards set to rise another 10%
6 days ago

Henry Boot wins £36m Rotherham Markets job

Project involves upgrading existing market and building a new library
6 days ago

Contractor services