McCarthy & Stone has secured a five-year 拢200m revolving credit facility from Barclays, HSBC, RBS and Santander. It is repayable in full in December 2019.
The facility replaces an existing 拢160m term loan and provides the company with working capital flexibility to support growth plans.
McCarthy & Stone鈥檚 strategy is to create an efficient and scalable business capable of building and selling more than 3,000 units per annum over the medium term.
Group chief financial officer Nick Maddock said: 鈥淭he revolving credit facility provides a flexible and efficient debt structure which will help support the group in its next phase of growth, with the attractive terms agreed reflecting McCarthy & Stone鈥檚 leading market position.鈥�
聽McCarthy & Stone generated pre-tax profit of 拢63.2m for 2013/14, before exceptional items and amortisation of intangibles, up from 拢12.5m the previous year. Legal completions were up 10% to 1,677 (2013: 1,527).
Mr Maddock added: 鈥淭he new facility delivers on one of our stated objectives to bring our capital structure and financing costs in line with our housebuilding peer group and ensures we have the appropriate platform to underpin further growth through this financial year and beyond.鈥�
Got a story? Email news@theconstructionindex.co.uk
