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Midlands housing association borrows £100m
Midlands housing association Longhurst Group has borrowed £100m from Barclays bank.
The 23,000-home social landlord, which earlier this year announced plans to consolidate its group structure into a single entity, borrowed the money in a revolving credit facility.
Rob Griffiths, deputy chief executive and chief financial officer at Longhurst, said: “We’re delighted to have increased and extended our revolving credit facility with Barclays.
“We’re committed to making a real difference to the housing crisis by building more homes for social rent, affordable rent and shared ownership.
“Barclays understands our business and has supported Longhurst for a number of years in terms of providing finance for our development programme and we’re really pleased to be working with them over the next few years to deliver more new homes.”
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Longhurst is one of many housing associations that have been borrowing money over the summer as the Brexit deadline of 31 October draws closer.
Barclays has been involved in this activity, lending £75m to A2Dominion last week in a separate revolving credit facility.
David Glover, relationship director at Barclays, said: “We have a strong and longstanding relationship with Longhurst Group, so for Barclays to support the next stage of their evolution with an increase and extension to their borrowing facilities makes good business sense and underlines our ongoing commitment to the social housing sector in the UK.”
