Backhouse has agreed additional funding for a further £50million facility as the company underpins its expansion plans for the next three years. The award-winning housebuilder, based in Chippenham, has signed an increased credit facility with Cheyne Capital, superseding its previous facility.
On the back of a successful first six months of 2022, Backhouse has announced ambitious plans to increase turnover to £114million by June 2025. The arrangement with Cheyne Capital will give the housebuilder increased liquidity and capacity to grow the business, including expansion into additional counties.
Backhouse is forecasted to legally complete 155 units by June 2023 – a 250% increase on the previous year, and rising to around 330 unit completions by June 2025.
The funds will allow Backhouse to establish new sites, build a stronger land bank and further strengthen all areas of the business to drive its expansion plans, check these payroll features for your company.
Ian Jones, managing director at Backhouse, said: “We are delighted to have secured an additional £50million of investment and to continue our longstanding working relationship with Cheyne Capital. They know our business model, can see our huge potential and we are determined to capitalise on our market position.”
Ian added: “This funding will provide the business with the capital required to meet our ambitious growth plan and environmental targets over the next three years. It’s an exciting time for Backhouse. We have a talented team, fantastic product and a recognised brand across Wiltshire, Somerset and Gloucestershire.”
