Clarke Willmott advises Wyatt Homes on multi-million pound funding package
Our Banking and Finance team have advised on a multi-million pound finance package that will deliver over 1,000 new family homes across Dorset, Hampshire and Somerset.
The deal – the first of its kind – sees Homes England and HSBC UK working in partnership to provide funding that will enable Poole-based Wyatt Homes to accelerate the delivery of much-needed housing.
The new homes – around 30 per cent. of which will be affordable – will be built across multiple sites in the three counties over the next five years.
Bethan Evans, finance partner at Clarke Willmott in Cardiff, said: “We were delighted to be able to advise Wyatt on this transaction. They are a new client of the firm and this deal was the first of its kind, in that it mixed revolving funding from HSBC and Homes England for use on multiple sites. Our work comprised advice on the banking and finance documents, property due diligence and construction. The deal was challenging and complex; but it is great to be able to see the funding being used for building Wyatt’s beautifully-designed homes.”
David Wyatt, managing director at Wyatt Homes commented “this is a key milestone in achieving the growth aspirations we are looking to achieve at Wyatt Homes.”
Hadyn Beazer, finance director at Wyatt Homes, said: “Getting the right level of funding has been challenging for SMEs in recent years. We have built up a strong land bank over the last 15 years, so securing this funding package is a key milestone in meeting the growth aspirations we want to achieve at Wyatt Homes. We look forward to working with both HSBC UK and Homes England to unlock our exciting pipeline projects and then deliver great homes over the next five years.”
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