Genesis Homes secures £1m CBILS funding package
Penrith-based Genesis Homes, a housing developer, has secured £1m of Coronavirus Business Interruption Loan Scheme funding through Santander UK, to continue its roll out of housing development sites in the coming year.
Since launching in 2017, Genesis Homes has built and sold a total of 158 homes over five developments. The funding package will ensure that the business can continue with its ambitious growth plans, having generated revenues of nearly £20m in the last financial year.
The firm has continued to operate throughout the pandemic, despite ongoing issues with local lockdown restrictions that have reduced the number of available skilled workers and shortages in raw materials. Despite this, Genesis Homes is still on track to build its target of at least 100 homes per year amid rising demand.
Nicky Gordon, managing director of Genesis Homes said: “Santander’s prompt support has allowed us to focus on securing and rolling out our intended future housing development pipeline. When Coronavirus hit, like so many businesses it caused interruption and disruption in several areas of our business delivery. The CBILS facility provides us with the crucial buffer and peace of mind we need to continue our exciting and progressive development programme.
“I’d particularly like to thank David Hitchmough and Ed Clivery from Santander, who worked tirelessly with us to ensure that the facility and its provisions were adequate for our business needs.”
David Hitchmough, relationship director, Santander UK, added: “The building of new homes is a significant priority for UK government, and Genesis Homes has grown at pace over a relatively short period of time.
Genesis Homes has been a loyal customer of ours for four years and we are delighted to continue to support them as they strive to be Cumbria’s leading housebuilder. The CBILS funding will allow the business to adapt to challenges presented by Covid-19 restrictions and commit to its target of building at least 100 homes per year amid rising demand.”