Backhouse has agreed additional funding for a further £50m facility as the company underpins its expansion plans for the next three years.
Headquartered in Chippenham, Backhouse has signed an increased credit facility with Cheyne Capital superseding its previous facility.
The arrangement will give the housebuilder increased liquidity and capacity to grow the business, including expansion into adjacent geographical areas.
Backhouse is forecasted to legally complete 155 units in YE June 2023 – a 250 per cent increase compared to the prior year, rising to circa 330 unit completions for YE June 2025.
Ian Jones, Managing Director at Backhouse, said: “We are delighted to have secured an additional £50m of further investment and to continue our longstanding working relationship with Cheyne Capital. They know our business model, can see the 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.”
