Northumberland housebuilder Cussins is set to ramp up its developments across the region after sealing a £14m finance deal.
The Alnwick company, led by Peter Cussins and his son, CEO Jabin Cussins – the third generation of the Cussins family to run the business – can trace its roots back to the 1920s and specialises in homes of all sizes in developments across Newcastle and Northumberland, including smaller house types to make the firm’s homes accessible to a wider market. Cussins currently builds 130 homes per year on six sites, from Darlington in the south of the region to North Northumberland, building two to five-bedroom family homes in rural and semi-rural locations, but also more contemporary riverside apartments and homes.
Properties are finished to a high standard, both internally and externally, primarily using traditional heritage brick, natural sandstone and slate. The business, the longest established housebuilder in the region, has now received the increased funding of £14m from Lloyds Bank, enabling it to grow faster, increasing the number of properties it builds per year and allowing access to larger schemes which offer improved continuity.
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The funding will be used to expand production on development sites across Northumberland and County Durham. The business will also look to purchase new areas of land to build on and meet the demand for properties in the region. The move builds on current projects that include a £30m joint venture with South Tyneside Council and Keepmoat Homes to regenerate former docklands at Holborn in South Shields - and comes weeks after the firm issued upbeat results for 2022.
Cussins posted accounts for the year ended September 2022 showing a 14% rise in revenues to £31.8m and operating profit of £4.2m, saying the family firm was benefiting from buyers seeking rural homes on the back of the pandemic, as well as a wave of people from the South wanting to escape overheated urban areas. The company’s results were in stark contrast to larger, volume housebuilders who have given a series of more downbeat updates in the wake of economic uncertainty and mortgage rate rises.
Peter Cussins, chairman of Cussins, said: “Our relationship with Lloyds Bank dates back 50 years and we have always found them to be a supportive funding partner. Our continued collaboration is enabling Cussins to grow at a time that is constantly posing challenges for businesses of all sizes. We are proud of how the business is expanding to new heights, but still has the same family driving the business forward at its core - four generations after the first Cussins home was built. We’re grateful for the support from Lloyds Bank and look forward to working with them on more developments in the future.”
Jabin Cussins, CEO of Cussins said: “Lloyds really understands our business and are always on hand to discuss our funding requirements as we continue to expand and establish ourselves within the region. With their support Cussins has expanded rapidly over the past decade and the extended facilities are key to our growth strategy.”
Adam Cackett, relationship director for the North East at Lloyds Bank, said: “We are proud to be continuing our support for Cussins. The business has strong growth ambitions and, alongside a great existing portfolio, an exciting pipeline of future developments. The properties they build, whether executive or family homes, are completed to a high standard, and the individual design for each project is exemplary. This deal provides the business with working capital to support their growth strategy and I look forward to seeing the new projects across the region come to life in the near future.”
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