Bovis lands £50m to build on H1 success

Robyn Hall

August 27, 2013

This latest facility is an extension to the £125m committed revolving credit facility agreed in January 2013 taking the facility to £175m in total.

In a statement to the London Stock Exchange Bovis said: “This additional facility gives the group improved financial flexibility to take advantage of opportunities in the consented and strategic land market.”

Combined with the three year term loan of £25m entered into in January 2013 the group now has £200m of facilities in place.

The £50m extension, with the existing syndicate banks, expires in December 2015 with the remaining £125m expiring in March 2017.

The announcement follows strong trading results for the first half of 2013 which showed a 40% increase in private reservations compared to the same period last year and the addition of 2767 new consented plots to its land banks.

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