Torquay’s leading housebuilder secures £30million expansion boost

Torbay-based Cavanna Homes, the Westcountry’s leading independent housebuilder, has secured £30million of funding from Lloyds—an increase of 50 per cent 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.

Scott Murray, Group Finance Director, said the new arrangement provided the liquidity to keep the company safe and to support the firm’s future growth plans. “It has been competitively priced, reflecting the company’s strong governance and credit position,” he added.

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 firm, which marked its 100th anniversary in 2023, has weathered a challenging period for the housing market, achieving its targeted turnover and profits before tax despite inflationary pressures and suppressed demand for new homes.

Paul Collings, Relationships Director at Lloyds in the South West, said: “We’re proud to be supporting a business that is delivering much-needed housing to the South West, all while prioritising the sustainability of its business operations.

“Bolstering our long-term support of Cavanna Homes means that the business can embark on its path of scaling up, delivering more affordable and social housing, and creating developments that positively impact their communities.”

Scott Murray thanked Cavanna Homes’ legal team at Michelmores and Ashfords for their support.

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