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Michelmores is pleased to have advised Cavanna Homes, the Westcountry’s leading independent housebuilder, on securing £30m of funding from Lloyds – an increase of 50% on the previous funding arrangement.
The deal marks a renewal of Cavanna Homes’ five-year revolving credit facility with Lloyds, which has been supporting the Torquay-based housebuilder with banking facilities since 2012. The new arrangement will provide Cavanna with the liquidity to keep the company safe and to support the firm’s future growth plans.
Cavanna Homes is currently building new homes at sites across the South West with three developments in Exeter – Equinox II, Equinox III and Cavanna @ Elm Park. Properties are also available at Oak Mount, Hemyock, Market Place, Holsworthy and Bellevue, Bude. New developments are coming soon to North Devon, Dorchester and Bridgwater.
The Michelmores team advising on the deal was led by Partner Karen Williams, alongside Solicitor Charlie Parker, both from the Firm’s well-renowned Banking, Restructuring & Insolvency team.
Karen comments: “It’s been a pleasure to work with Cavanna Homes on this milestone funding package which paves the way for Cavanna’s commitment to delivering much-needed new homes to the South West of England while keeping sustainability of its business operations at its core. Our experience enabled us to secure a successful outcome for Cavanna within the required timescale and we wish them all the best in their expansive and exciting journey.”
Michelmores’ Banking & Finance team’s strengths lie in understanding our clients’ greater commercial objectives and supporting them to achieve their goals, while keeping them ahead of the fast-moving regulatory landscape. Read more on our website.
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