Housebuilder MJ Gleeson is to acquire more development land after securing a £20m credit agreement to accelerate its growth strategy.
The firm, which was founded in Sheffield more than 100 years ago, has agreed a new three-year revolving credit facility with Lloyds Bank Commercial Banking.
The group, which recently reported a 49 per cent increase in revenue and 121 per cent increase in operating profit for the full year ended 30 June 2013, said it will use the facility to pursue growth by increasing its number of outlets in key geographies and acquiring additional land for development.
Chief executive Jolyon Harrison said: “This facility strengthens our financial position and provides us with the additional flexibility and capacity for growth.
“As reported in our interim management statement, we have a strong forward order book and we see significant opportunities to continue to grow in our target markets.”