Housebuilder Honey has secured an additional £80million revolving credit facility as the business continues its expansion, with the opening of a third regional office later this year.
The new facility, which has an option to grow to £100million, has been agreed with existing funding partner, OakNorth, and new partner, NatWest. This takes Honey’s total available bank facilities to £180million.
The extra funds provide additional support to the Sheffield and Leeds-based housebuilder’s continuing growth plans across Yorkshire and the Midlands, which include the opening of a third operating regional office in the East Midlands in the second half of this year.
The business was launched in October 2022 and has since secured 31 immediate sites that will deliver 5,010 homes with a combined gross development value of £1.4billion.
Honey is now 44% forward sold for 2026 and on track to deliver more than £175million of revenue this year with a projected profit of between £20million and £27million. In 2027, the housebuilder expects to achieve 1,000 completions.
The company, which employs 130 people, is backed by private equity firm, Alchemy Partners, and its Alchemy Special Opportunities Fund IV, which has £937million of fully committed capital.
Honey’s chief financial officer, Jeremy Gledhill, said: “This is a key milestone in Honey’s ongoing growth journey with our banking partners continuing to show great support for our business.”
“This additional RCF facility significantly further strengthens that support. It provides us with the flexibility to continue to be active and agile in the land market and to open a third region in the East Midlands.”
“We are very pleased that OakNorth Bank has expanded its commitments to Honey having been with us since day one and thrilled in equal measure to have added NatWest as a funder.”
“We view this as a sign of Honey’s continuing maturity as a business, having come a very long way since we were founded.”
Damien Hughes, senior director of property finance at OakNorth, commented: “It has been a pleasure to support Honey as the company has continued to grow by building on the facilities we provided since it was established.”
“It has been impressive to witness the fast growth Honey has achieved, and we look forward to seeing that continue alongside our future relationship.”
NatWest director, real estate finance, Jonathan Ellis, added: “NatWest is committed to supporting the UK housing sector across all tenures, recognising the important role both private housebuilders and social housing providers play in meeting the country’s housing needs.”
“We have been impressed, not just by Honey’s business’s performance, but also the ambition of the senior management team, so we are naturally excited to now be partnering with them. We look forward to seeing Honey continue its regional expansion at pace.”
For the year ended 31 December 2025, Honey posted revenues of £71.2million based on 288 completions across its 10 live sites in Yorkshire and the Midlands. This was with an average private selling price of £297,000 which generated profit of £3.6million.
Honey also secured three additional partnership contracts over the 12 months, which account for 254 plots and £55million in revenue. This is in line with the company’s business model, which sees 25% of its volumes delivered through partnerships.
