STEWART Milne Group has secured a £185 million banking facility with Bank of Scotland, part of Lloyds Banking Group.
The business said it is pursuing a strategy of “focused growth and geographical expansion” to meet the needs of a strong housing market.
This funding package has been put in place as the group embarks on a number of new residential developments.
Glenn Allison, chief executive of Stewart Milne Group explained, “This new facility, which provides us with funding through to December 2019, enables the delivery of our longer-term strategy and gives us the scope to plan ahead and continue to grow in our existing core markets.
“With this new bank facility and a strong balance sheet, we are able to realise our expansion plans. We have recently launched six new developments across Scotland and North West England, with further new developments in the pipeline.
“The Government help to buy schemes in England and Scotland have played an important role in helping consumers to buy affordably and will continue to play a role in the coming year as we build on our strong working relationships with mortgage lenders.
“Our timber systems business is benefiting from growth in the housing market with a significant number of national housebuilders and contractors adopting timber frame and offsite construction to deliver their needs in a streamlined and cost-effective manner.”
