Jigsaw agrees £120m in new financing and restructures £170m loan

Jigsaw worked with Centrus, Devonshires and its banking partners “to review its debt portfolio and identify opportunities to reduce interest costs enhancing the group’s overall financial resilience”.

Paul Chisnell, executive director of finance at Jigsaw, said: “Through successful partnership working, this latest deal puts us in a stronger financial position to deliver our long-term plans.”

Last year, Jigsaw reported in its annual results that it had a “record year” for housebuilding, with more than 900 new homes built in 2023-24.

The association’s turnover stood at £215.1m in 2023-24, up from £200.9m the year before, while operating surplus was £56.2m, up from £48.9m in 2022-23. Post-tax surplus was £21.5m, up 60% from £13.4m in 2022-23.

Jigsaw completed 929 new homes in 2023-24, the highest total since its formation in 2018.

Last year, the landlord was affected by the collapse of modular specialist Ilke Homes.

The association has a target to build 4,000 new homes between 2021 and 2026.

In February 2024, Moody’s maintained Jigsaw’s A2 credit rating and upgraded its outlook on the landlord from negative to stable.

The same month, Jigsaw completed an £851m refinancing package, including an additional £152m.

At the time, the association said the structure meant it was better equipped to deliver on its ambitions of building 4,000 homes within the next five years. It also allowed the landlord to maximise the value of its secured property portfolio and streamline its loan operations, Jigsaw said.