Taunton housebuilder secures £20 million finance package
Taunton-based Strongvox Homes will drive forward ambitious growth plans to sell 250 new homes a year, after securing a £20 million finance deal with NatWest.
The privately-owned housebuilder will use the cash injection to support the construction of larger residential developments across the South West over the next twelve months.
Strongvox Homes has already used part of the funding to secure two new developments which will create up to 228 new homes. Construction on the sites, based in Sandford and Cribbs Causeway will begin early this year.
The company are planning for several further larger scale developments spanning the South West from Bristol down to Exeter.
Founded in 2004, Strongvox Homes provides high quality design and specification properties ranging from affordable two-bed units to million-pound detached houses.
Strongvox currently employs 50 direct staff, as well as a number of locally-based subcontractors. The company announced a turnover of £35 million last year and aims to increase this to £50 million in 2018.
Toby Ballard, Managing Director at Strongvox Homes, said: “Strongvox has seen significant growth over the last few years whilst maintaining a key focus on quality and customer service.
“Demand for housing in the South West has long exceeded supply and thanks to the continued support from NatWest, we have been able to support the construction of new homes across the region to meet this increasing demand. This latest funding will enable us to further our mission of becoming the leading housebuilder in the South West.”
NatWest Relationship Manager, Alan Woodbridge, said: “NatWest has worked with Strongvox since the company was first founded in 2004, providing a range of financial support and advice.
“2018 looks set to be an exciting year for the company as it drives forward its ambitious growth plans and we are pleased to be able to support them on this journey.”