£10m investment set to transform housebuilder

Millwood Designer Homes' luxurious development in West Chiltington.

Millwood Designer Homes' luxurious development in West Chiltington.

First published in News by

Millwood Designer Homes has secured a £10m investment to accelerate its housebuilding programme across Sussex, Kent and Surrey.

Managing director John Elliott says that this investment will spark a substantial growth for the company, allowing it to bring forward more sites over the next four years as the housing market continues to recover.

Says John: “The industry is extremely capital intensive and since banks introduced new criteria following the crash it is necessary for housebuilders to find around 35% of the project cost up front. In simple terms, if we bought a site for £2m and build costs were £3m then we would have to find £1.4m on the first day. Obviously such capital requirements are very restrictive meaning that our rate of growth is very subdued.”

However, that’s all about to change, thanks to a London-based property investment company.

John added: “We have raised £10m, with more funds available if needed. This is going to make a huge difference to the company. “We have an exciting future ahead of us leading to projected sales by 2017 of £60m.

“Despite this injection of capital, nothing within the company will change, except that we will have the funds to back up our purchasing aspirations.

Millwood currently has a range of properties in locations throughout Kent, Surrey and Sussex. For more information about any of the developments, please call 01732 770991 or visit the company website at www.millwooddesignerhomes.co.uk

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