Urban regeneration specialist MJ Gleeson Group is planning to accelerate its growth plans after agreeing a £20 million revolving credit facility with Lloyds Bank Commercial Banking.
The group, which was founded in Sheffield more than 100 years ago, will use the facility to capitalise upon renewed confidence in the housing market.
It plans to increase the number of homes it is building in key geographic territories and acquire additional land for development.
Gleeson specialises in building affordable housing on brownfield land in the North of England and increases the value of green field sites by achieving residential planning consents in the South.
Group chief executive Jolyon Harrison said: “This facility strengthens our financial position and provides us with the additional flexibility and capacity for growth.
“Forward orders are significantly ahead of last year and we are confident our focussed strategy will continue to deliver positive results.”
Lloyds Bank’s David Hunt added: “MJ Gleeson’s most recent set of results clearly demonstrates the strength of the group’s business model.
“The new facility gives the group additional liquidity to unlock value from its existing land bank as well as well as acquiring further development sites.”
Dean Gormley from Sheffield law firm Irwin Mitchell advised Lloyds Bank Commercial Banking.
Gleeson employs 215 people in its offices in Sheffield, Bury, Fleet and Sunderland and has increased revenue by 49 per cent.
Its recent developments include Parson Green and Monteney Park in Sheffield.