Devonshire Homes secures £8.5m to build 347 new properties

Devonshire Homes has secured an £8.5 million revolving credit facility from Lloyds Bank to develop its Mariner’s Haven site in Ilfracombe.

The funding will go towards 347 new properties, 11 per cent of which is designated as affordable housing. This puts the business in a good position for meeting its promise to deliver 400 homes every year up to 2026.

Managing Director Angus Cook said: “Following the pandemic, when development across the country was paused, the South West is still playing catch up with its housing supply.

“Our five year commitment is all about injecting life back into the housing market to spur regional growth and help provide homes and communities for local people. Lloyds Bank’s continued support will allow us to accelerate our strategic ambitions and address the region’s housing shortages.”

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Devonshire Homes saw a boost to predicted turnover following its recent acquisition of the North Devon site, up 40 per cent on the previous year to £57 million. It currently employs 60 staff, with plans to expand in the near future as its current Tiverton HQ nears capacity.

Paul Collings, Relationship Manager at Lloyds Bank, added: “With the South West’s population set to grow by another 65,000 this year, the region is becoming increasingly stretched on all fronts as housing stock becomes a more immediate challenge.

“It’s been brilliant to support Devonshire Homes with its Ilfracombe development as the business continues to tackle one of the region's biggest challenges head on to ensure the South West remains an attractive opportunity for growth.

“We will continue to be by the side of local businesses as they see growth opportunities to shield themselves from rising inflation and volatile economic pressures.”

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