House builder supports future with bank support
A regional housebuilder has been able to support its future with a multi-million-pound Coronavirus Business Interruption Loan Scheme (CBILS) loan from Lloyds Bank.
Aquinna Homes, which is based in Beaconsfield and owns developments across the South East, was started in the garage of ex-Taylor Wimpey and Bovis Homes executive, Stephen Brazier, in 2004.
The business, which employs 25 people, has since sold more than 600 homes across 50 locations in the region.
With Covid-19 bringing an abrupt halt to the housing market, Stephen turned to longstanding banking partner, Lloyds Bank, for support, securing a seven-figure CBILS loan. The money will allow him to cover employee salaries and other business costs while ensuring the firm has the cashflow it needs to continue purchasing land.
Stephen Brazier, founder and managing director at residential developer Aquinna Homes, said: “Current circumstances are affecting developers selling homes not only across the South East, but across the country.
“It’s uncertain how quickly demand will return and virtual tours can only take you so far. Many of our developments are unique and people want to see and feel a home a number of times before making the decision to purchase.
“This funding, together with the renewal of the revolving credit facility, will not only enable us to re-start quickly once the lockdown is eased but support the company until consumer confidence returns. Importantly, the RCF will also allow us to keep buying land so we can build new homes in the future and keep the business moving. All this has been possible thanks to the team at Lloyds Bank.”
Ed Toms, relationship director at Lloyds Bank, said: “Stephen and his team have built a fantastic business which has delivered hundreds of beautiful properties across the region.
“The housebuilding industry has been hit particularly hard by Covid-19 and developers like Aquinna Homes need backing to support their future for the short and long-term. We’re committed to helping businesses