£100m cash package for property group

Boost: Places for People offices in Bamber Bridge

Boost: Places for People offices in Bamber Bridge

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Property management group Places for People has agreed a new £100m finance package with Lloyds Bank Commercial Banking to help fund its nationwide regeneration projects.

Places for People, which has two offices in Lancashire, is one of the UK’s largest housing providers, owning or managing 143,000 homes.

It has offices in South Rings Business Park, Bamber Bridge and Port Way, Preston.

Since 2011, it has diversified its funding streams with the raising of £180m via two retail bond issues.

It has secured a new revolving credit facility with Lloyds Bank Commercial Banking, which is worth £100m and runs until October 2016. It replaces a previous £80m package from the bank.

The agreement provides Places for People with funding for its development programmes across England, Scotland and Wales, and involving the regeneration of entire areas, as well as building and refurbishing domestic properties.

Chris Jones, tax and treasury director from Places for People, said: “We have been active in pursuing a diverse range of finance options for some time, particularly in tapping into the public markets, with investors showing great faith in our strategy.

“Our relationship with Lloyds Bank has been key in providing the working capital for our day-to-day operations and this new package extends that support.

“The new funding package means we can continue to invest in projects and public services, including schools, shops and leisure facilities, and help create thriving communities across the UK.”

Richard Hughes, relationship director in Lloyds Bank Commercial Banking’s social housing team, added: “This latest agreement extends our already long-standing relationship with Places for People and provides the working capital to continue to support successful regeneration projects and communities nationwide.”