Hill boosts financing to deliver five year plan

Essex-based housebuilder Hill is set to increase staff numbers by 20% this year having secured a £200 million five year revolving credit facility with four leading banks.

The firm says the funding will help grow turnover to more than £1 billion a year by the end of 2023 – turnover in 2016 was £367 million, 20% up on 2015. The funding, co-ordinated by The Royal Bank of Scotland, is being provided by a club comprising RBS, Lloyds, HSBC and Santander and is a refinancing of a £150 million facility made with the same club in 2015.

The new facility, which comes ahead of the firm revealing what are expected to be record financial results, will support Hill’s strategic objective of growing its joint venture and long term regeneration work. It will also provide funding to expand its land bank.

Andy Hill, ceo at Hill, said: “Both 2016 and 2017 were landmark years for our corporate development and this new financing facility gives us headroom to further invest in new opportunities, with a particular focus on joint ventures and regeneration. This commitment from four major high street lenders is a sign of the confidence that the banks have in …