MANCHESTER-BASED firm Beever & Struthers has helped its affordable homes client Longhurst Group secure a £225m fundraising through the bonds market.
The fundraising was undertaken to help the business build more than 1,700 affordable homes. Some 1,300 of these Midlands-based properties will be for rent and the remainder will be low-cost homes offered on a part-buy, part-rent basis.
Beevers served as Longhurst’s reporting accountant, providing assurance on the financials for its prospectus.
Rob Griffiths, group executive director of financial services at Longhurst, said: “As public funding for affordable housing has reduced, housing providers need to look to alternative funding streams. Approaching the bonds market was the best way of raising the capital we needed to restructure our existing funding and, working closely with our banking partners and advisors, to create the facilities to make a real dent in the region’s housing shortfall.
“The money is going to make a tremendous difference to so many people.”
Head of editorial Kevin Reed discusses the result of the EU referendum, and explores it means for accountants
What questions should the profession be asking now the UK has decided to leave the EU?
The accountancy world has reacted to the news that the UK has voted to leave the EU
The latest edition of our 'Seven Days in Accountancy' quiz is here