Midlands housing association secures “crucial” £75m Lloyds refinancing package

Longhurst Group, one of the largest housing associations in the Midlands and East of England, has secured a £75m refinancing package, which includes an additional £25m sustainability-linked funding from Lloyds Bank.

Assisting its progress in ESG and house building plans, the revolving credit facility will present Longhurst with discounts on the funding should certain KPIs be met.

The KPIs include improving the average energy efficiency of its existing homes to at least EPC C by 2030, ensuring its new build homes outperform current minimum regulations and delivering an additional 300 new affordable homes over the next five years.

The association currently owns and manages around 24,000 homes as well as operating more than 80 care and support schemes. It also employs more than 1,200 colleagues.

Longhurst Group’s corporate plan to 2025 will see it renew its focus on customer and community resilience, develop its offering to better cater for older, vulnerable, and disabled customers and deliver 600 to 700 new homes each year.

Rob Griffiths, deputy chief executive & chief financial officer at Longhurst Group, commented: “It’s crucial that organisations like ours refocus on our ESG objectives as the post-Covid-19 dust settles, ensuring the communities we operate in have access to safe and sustainable housing for residents.

“We’re committed to doing this across the Midlands and East of England and look forward to achieving our goals with Lloyds Bank’s support.”

Jatinder Dhaliwal, relationship director and regional head of housing at Lloyds Bank, added: “Having worked with Longhurst Group for more than 20 years, we know how committed it is to the welfare of residents in its communities and the broader sustainability agenda.

“Its ambitious ESG KPIs will act as key milestones to help deliver its wider long term sustainability strategy. We look forward to seeing these being achieved and working together on future projects.”

By Matthew Neville – Senior Correspondent, Bdaily

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