Yorkshire-based house builder Harron Homes has secured a £15 million finance package from Santander Corporate and Commercial to fund the build of up to 900 new homes across Yorkshire over the next three years.
Harron Homes, which is headquartered in Leeds, was set up in 1992 by joint owners Paul and Stephen Harrison with the aim of building high quality houses across Yorkshire. This new finance will enable the company to build between 200-300 homes a year, creating and safeguarding jobs across the industry and its supply chain.
Developments include 66 eco-friendly homes in the Waverley area of Sheffield, and more than 100 homes in the Queensbury area of Bradford, of which a number will be affordable homes. Despite the tough market conditions in recent years, Harron has continued to grow thanks to prudent management and last year reported a turnover of £42 million, up from £25 million in 2011.
Richard Wilson, finance director, Harron Homes, said:
“We are delighted to have secured this finance package, which puts us in an ideal position to extend our pipeline and provide up to 900 new homes to residents of Yorkshire over the next few years.
“Despite the tough economic conditions, demand for new housing in the region remains high, and we are committed to providing high-quality, new, luxury and affordable homes to those in need of them. This new funding will enable us to continue to carry out this commitment.”
Mark Watson, relationship director for Santander Corporate & Commercial, said:
“Harron is an example of a high-quality local business that has successfully repositioned itself over the last two years following the housing market downturn.
“The housing sector is a difficult business to be in and the management team have demonstrated their ability to manage this business in a professional and sensible way throughout the downturn and are now in a strong position.
“We are confident they will make every success of this next stage of their venture.”
Gordon’s Solicitors acted as advisers to Santander Corporate & Commercial on the deal. Shulmans Solicitors and Ernst & Young acted as advisers to Harron Homes.