Housebuilder McInerney Holdings has agreed a new banking facility of €21m with the Royal Bank of Scotland to further its growth plans for its UK business. McInerney said it plans to progressively increase the development activities of its three brands in the UK - Charlton Homes, Hargreaves Homes and SPACE.
310 housing units on 14 different sites in the northwest region in the UK were completed by the group last year. It is targeting over 450 units for 2003 and to progressively increase its market share throughout the north of England.
McInerney's Managing Director Barry O'Connor said the new banking facility, supporting the group's equity commitment, means the capital is now in place to roll out the group's ambitious growth objectives within the UK market.
He said the group recently purchased four new UK sites, adding 135 plots to its landbank there. A further 405 plots are expected to be purchased over the summer.
O'Connor said that further growth by acquisition of new businesses to increase geographical spread in the UK will also be pursued.
