Persimmon secures extension of bank facilities

The directors of national housebuilders Persimmon have announced that the firm has recently concluded a one year extension of the maturity of its £300 million Revolving Credit Facility (“RCF”), out to 31 March 2023, with strong support from the company’s five relationship banks.

Persimmon’s directors said they “regard the RCF as an important element in providing support to the Group’s working capital flexibility as Persimmon targets further disciplined growth in volume in line with its long-term strategy of meeting market demand across the UK”.

The explained that their projected growth will require continued substantial investment in new land, necessary community infrastructure and site development work in progress, and in the Group’s training programmes for trade skills and management capabilities.

The Group now has 30 house building businesses across the UK having opened six new businesses over the last three years to support the Group’s delivery of further increases in new home construction.

Since 2012, when Persimmon launched its new strategy, to the end of 2017, the Group has increased its annual construction of new homes by over 70 per cent, opened 1,189 new outlets, invested c. £3.2 billion in land and delivered c.470 per cent total returns to shareholders, placing it third in the FTSE 100 index over the period.

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