Our customers will benefit from a £120m refinancing deal completed last week.
We were established in 2009 by a stock transfer from Sedgefield Borough Council (now part of Durham County Council) and provide over 8,400 homes primarily within County Durham.
The funding deal, which is its first since transfer, will almost double the our future borrowing capacity over the next 10 years. An initial investment pot of £30million will be available from day one to fund new housing developments and improvements across communities.
Meticulous plans were set out during the re-financing process which allowed us to demonstrate both our strong financial performance and clear vision for the future. The plans include regenerating areas within local communities and increasing the number of new-build homes provided each year. This is in addition to promises to meet customer and community requirements delivered over the previous 10 years.
Colin Steel, chief executive said: “We have, over the past 10 years, invested significantly in improving the quality of our assets, building new homes and improving our local communities. The new finance deal enables us to invest further and achieve our ambitious Business Strategy.”
Conclusion of the deal took place on Thursday 28 March 2019, almost exactly 10 years to the date since original stock transfer.
Sean Brodie, Executive Director of Finance and Development said ”It has been a long and detailed process and I am delighted with such a positive outcome. We have a clear vision for the future of our business and the new funding arrangements provide an excellent platform from which we can invest further in providing great homes and sustaining strong communities.”