RNS Number : 2615B
Inland Homes PLC
30 September 2022
30 September 2022
Inland Homes plc
('Inland Homes' or the 'Group')
Update on borrowing facility, asset management and land sale
Inland Homes plc (AIM: INL), the housebuilder, partnership
housing developer and regeneration specialist focused on the South
and South East of England, today provides an update on one of its
borrowing facilities, asset management and land sale activity.
Further to the trading update on 6 September 2022, the Group is
pleased to announce that it has received a waiver from its lender
in respect of its revolving credit facility on the interest cover
ratio covenant for the four quarters ending 30 June 2023.
In addition, the Group has agreed an extension to this facility
from March 2023 to October 2023. The revised facility for GBP27.0m
will be used towards delivering the Group's ongoing housebuilding
schemes at Cressing, Essex and Meridian Waterside, Southampton.
Construction at each site is expected to complete during the second
half of financial year ending 30 September 2023.
The Group is pleased to announce further progress on its
'capital light' asset management projects, as follows:
Gallions Close, Barking
The Group is pleased to confirm that it has received, on behalf
of the third-party project investors, a resolution to grant
planning permission for 233 homes and 2,700sqft of commercial space
at Gallions Close, Barking.
Former Homebase store, Walthamstow
The Group has completed the sale, on behalf of the project
investor, to London BTR Investment Holdings (London BTR) of the
remaining 73 plots at the former Homebase store in Walthamstow. As
previously announced in June 2021, the Group exchanged contracts
for the sale of 355 plots within this site to London BTR in June
Sale of land and commercial units
The Group announces it has completed two land sales to major
The first site was managed by the Group via a promotion
agreement and was sold to Taylor Wimpey. The Group achieved a
planning permission on the site for 28 homes. The second site was
controlled by way of an option agreement and subsequently sold to
the Vistry Group after Inland Homes had achieved planning
permission on this site for 50 homes.
The Group has also completed a previously announced sale of a
3,400sqft commercial unit within its Chapel Riverside development
in Southampton to a major retailer.
The net sale proceeds from the above land disposals amounted to
GBP9.0m and will be used to reduce the Group's net debt.
Other land sale
In the trading update on 6 September 2022, the Group stated that
it had reached agreement in principle (subject to legal
documentation) on a land sale which, if completed by 30 September
2022, would generate a profit of approximately GBP25m. As the
strategic review has progressed, the Board has concluded that this
sale of one of the Group's major sites would not be in the best
interests of shareholders, who would be better served by this key
asset remaining within the Group, where there are opportunities to
add further value through planning enhancement.
Nish Malde, Interim Chief Executive Officer at Inland Homes,
"There continues to be strong demand for our high-quality land
assets and planning expertise in a market where supply of consented
sites and delivery of new homes continues to lag far behind
"These recent land sales, together with the progress made on
various projects within our asset management division, are pleasing
to see, demonstrating how the Group is optimising demand against
this wider market backdrop."
Inland Homes plc: Tel: 44 (0)1494 762450
Nishith Malde, Interim Chief Executive Officer
Panmure Gordon (UK) Limited Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
Erik Anderson (Corporate Broking)
The information contained in this Announcement is deemed by the
Group to constitute inside information as stipulated under the
Market Abuse Regulations (Regulation 596/2014), as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018
Notes to Editors:
Incorporated in the UK in 2005, Inland Homes plc is an
AIM-listed specialist housebuilder and brownfield developer,
dedicated to achieving excellence in sustainability and design.
Inland Homes acquires brownfield land in the South and South
East of England principally for residentially led development
schemes. The business then enhances the land value by obtaining
planning permission, before building open market and affordable
homes or selling surplus consented land to other developers to
The Group is committed to extensive public and community
consultation in order to ensure that, where possible, local
community needs and objectives are met.
Inland's aim is to create sustainable communities and homes
which set a benchmark for all future developments in the South and
South East of England. The Group is always looking for brownfield
sites without planning permission for future development.
Environmental, Social and Governance credentials
Inland Homes is committed to ensuring its land, housebuilding
and partnership housing activities leave a positive lasting legacy.
As specialists in brownfield site regeneration the Group already
has a proud history of adding lasting value through its expertise
and experience in site remediation, which allows derelict and near
derelict land to be regenerated and used for the construction of
Inland Homes takes its position as an industry leader extremely
seriously and has developed its Environmental, Social and
Governance (ESG) framework against the broader backdrop of an
escalating global climate issue. The Group's ESG framework, which
has been aligned to four of the UN Sustainable Development Goals,
sets out our high-level commitments. Using this framework, we are
now focused on developing a full ESG strategy. The strategy will
identify clear goals and metrics to enable us to measure and report
on our performance and success in this space.
For further information, please visit the Inland Homes website
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk
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(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
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