Housebuilder to expand land portfolio
A family-run housebuilder is accelerating its land acquisition programme to enable it to expand its output of quality new homes after securing a £15million facility from Lloyds Bank Commercial Banking.
Cavanna Homes operates across the South West region, but its current sites are concentrated in desirable locations along the South Devon coast at Plymouth, Orestone, Dartington, Paignton, Dawlish and Budleigh Salterton. The sites offer homes from two to four bedrooms, some of which qualify for the Governments Help to Buy scheme which only requires a 5% deposit.
The new facility is designed to extend their output and area of operation with new sites at Clyst St Mary, Woodbury, Stoke Fleming, Rockbeare and elsewhere.
The business was established in 1923 and employs over 100 staff, plus another 200 contractors on its sites. Based in Torquay, the company runs a rolling apprenticeship scheme, which sees its new recruits learn a range of skills working with the business’ sub-contractors. 10% of the firm’s employees are enrolled in training programmes at any one time, whilst 20% of its staff are graduates.
Brian Bargent, Finance Director at Cavanna Homes, said “We are a family business that pride ourselves on the attention to detail found in each of our homes, and building a welcoming community for our buyers.
“The team at Lloyds Bank has been a tremendous support in enabling us to activate this phase of growth for the business, and have backed our plans all the way. We’re now actively pursuing new opportunities to purchase land to expand the choice of properties we can offer our customers.”
Andy Wilton, Relationship Director at Lloyds Bank Commercial banking, said: “Cavanna Homes has built a reputation for providing communities with a choice of quality new homes. With renewed confidence in the property market, demand for standout properties like those that Cavanna Homes builds has escalated.
“We are committed to supporting businesses like Cavanna Homes as they activate the next stage of their growth strategy, and we’re looking forward to seeing the new sites that the business adds to its already impressive portfolio.”
Earlier in the year (2015) Cavanna Homes was awarded a five-star rating by the House Builders Federation for the third year running in recognition of its high levels of customer care.
