Mount Anvil secures £150m for London housing jobs

Aaron Morby 3 years ago

London developer and contractor Mount Anvil has defied Covid-19 gloom to secure £150m in funding for mixed tenure housing schemes in the Capital.

The Silk District scheme in East London where the main tower is under construction
The Silk District scheme in East London where the main tower is under construction

Since the Covid-19 outbreak, Mount Anvil’s partnerships schemes with housing associations have helped to unlock financial backing and secured extra support from the Greater London Authority to accelerate sites.

Mount Anvil revealed that aided by strong pre-sales it has agreed a £64m deal for The Silk District development in Whitechapel with housing association L&Q. The final phase 24 storey tower is now getting underway.

In June another housing association partnership with Peabody in Bromley-by-Bow secured £35m finance for the Three Waters project of 330 homes in Bow Creek.

While Mount Anvil was granted a £50m loan facility by the Greater London Authority to accelerate the purchase of new sites for new housing.

The firm, which employs around 230 staff, said the facility would provide capacity to invest in the best available new development sites in London.

Finance director Ewan Anderson said: “We look forward to playing our part in supporting London’s bounce back post-Covid, working in partnership with the GLA, local authorities and our housing association partners to deliver a positive legacy for London.

“Our ability to obtain this level of funding, at competitive terms, during such a challenging period for the wider economy, is testament to the financial strength of the group, and the strong, long-term relationship we have with our funding and investment partners.”

During the year the construction arm raised revenue 10% to  £171m delivering work for the development business. Pre-tax profits edged forward to £3.2m from £2.8m in 2018.

Altogether group revenue was up 12% to £195m, although pre-tax profit dropped a third to £6.3m.

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