Cala Group secures £180m banking deal
Housebuilder Cala Group has extended its banking facilities with Lloyds until 2014 with a £180m limit.
The Henley-in-Arden-based company said the multimillion-pound deal, which runs to December 2014, would fund its current business strategy.
Cala returned to the black last year for the first time since 2007, producing a profit of £2m.
"We are pleased to have put in place long term facilities under these terms in what continues to be a tight lending environment and the group remains focused on reducing debt over the medium to long term," said Cala.
In a trading update for the six months to 6 January, the company revealed it had experienced a boost in house sales, which rose 12 per cent.
The company sold 322 houses during the period with an average selling price of £290,000 – a 2 per cent increase on the comparable 2012 period.
Darren Humphreys, managing director of CALA Homes (Midlands) said: "The positive momentum we generated last year has continued this year and we are very pleased with our trading performance over the past six months.
"Our focus remains on delivering high quality homes to customers and, despite the wider economic headwinds facing the UK, the group is on target to deliver a strong performance in 2012."
Cala is currently building new homes in Solihull, Shrewsbury, Kirby Muxloe, Winslow and Moreton-in-Marsh.
