Devonshire Homes extends RCF to £20m

Devonshire Homes has increased its revolving credit facility (RCF) from Lloyds Bank to £20m to facilitate its growth plans.The privately-owned housebuilder is currently active on five West Country sites, with a further four additional plots in the region acquired within the last three months.Devonshire Homes has enjoyed a long-standing relationship with Lloyds Bank since 2016, with the extended RCF superseding their previous arrangement that was announced in February 2022.The deal will accelerate the housebuilder’s expansion plans to double turnover and bring forward 400 homes per annum by 2026.Angus Cook, managing director at Devonshire Homes, said: “This marks another important milestone for Devonshire Homes and we are delighted to have agreed this new £20m facility with our long-term and supportive banking partners at Lloyds Bank.”Devonshire Homes is on a significant growth trajectory and this new RCF helps cement our position as an established and ambitious developer in the South West.”This new agreement comes at the perfect time.”Paul Collings, relationship director at Lloyds Banking Group, added: “Sustainability has become more of a priority than ever for homeowners, so it’s great to see Devonshire Homes bring forward greener homes, provide energy solutions to help reduce household costs and ultimately help futureproof properties for generations to come.”We’re proud to back Devonshire Homes and its long-term commitment to providing sustainable housing for the West Country. We will continue to be by the side of local businesses as they accelerate their environmental ambitions and help the South West to reach its Net Zero goals.”