A housebuilding firm on a mission to develop new homes of outstanding design quality is aiming to increase its sales by more than 400% in the period to 2025 after securing new funding.
Chippenham-headquartered Backhouse will use the £50m credit facility to establish new sites, build a stronger land bank and further strengthen all areas of the business to drive its expansion.
On the back of a successful first six months of this year, Backhouse said it is targeting increased turnover from £22.5m in the year to June 2022 to £114m by June 2025.
it is also forecasting to complete 155 homes in the year to next June – a 250% increase compared to the prior year. It expects the figure to continue to rise to around 330 annual completions by 2025.
The firm specialises in medium-sized developments across the South of England, with schemes already completed or planned in Midsomer Norton and Castle Cary in Somerset, as well as across Wiltshire, including in Westbury, Blunsdon and Highworth, and at Moreton-in-March, Gloucestershire.
It was founded in 2017 by former lawyer and investment banker Theo Backhouse, who believed that buyers had lacked choice in the new homes market and deserve a better designed, sensibly priced, more interesting home providing smart living solutions.
Mr Backhouse, who lived in Bath, was killed in a car accident shortly before last Christmas.
Backhouse managing director Ian Jones, pictured, said the new arrangement with London-based alternative asset manager Cheyne Capital superseded its previous facility and would give it increased liquidity and capacity to grow the business, including expanding into neighbouring areas
“We are delighted to have secured an additional £50m of further investment and to continue our longstanding working relationship with Cheyne Capital,” he said.
“They know our business model, can see the huge potential and we are determined to capitalise on our market position.
“This funding will provide the business with the capital required to meet our ambitious growth plan and environmental targets over the next three years.
“It’s an exciting time for Backhouse. We have a talented team, fantastic product and a recognised brand across Wiltshire, Somerset and Gloucestershire.”
