Countryside Properties looks to resume building on 11 May
Countryside Partnerships
229.80p
16:40 11/11/22
Housebuilder Countryside Properties said on Thursday that it hopes to resume building operations at the majority of its sites by mid-May after accessing government-backed loans.
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Countryside intends to reopen roughly 80% of construction sites from 11 May and said it has put in place a £300m commercial paper programme under the Bank of England's Covid-19 lending facility.
In addition, Countryside said it had agreed to certain financial covenant revisions to its existing £300m revolving credit facility, providing it with additional headroom and flexibility until 30 September 2022.
Chief executive Iain McPherson said: "Securing this additional liquidity gives us the confidence to plan proactively for the future.
"Our mixed-tenure business model, strong order book and the outstanding commitment and hard work of our staff throughout this challenging period, position us well for a return to construction activity and we are focused on ensuring we do this in a safe and orderly way."
As of 0900 BST, Countryside shares were down 4.96% at 375.20p.