An Alnwick-based housebuilder has been given £5million funding to support future developments and jobs.
Cussins, the company behind the Limes at Willoughby Park, has received the investment from the Business Growth Fund (BGF) to be used to support the acquisition of land and the development of up to 300 new houses per year over the next four years, generating 500 jobs.
Peter Cussins, executive chairman, and his son Jabin, chief executive, will remain majority shareholders in the business.
For almost a century, three generations of the Cussins family have built more than 50,000 houses in landmark developments across the North East.
Most recently, the business has been working on The Limes development, which features 73 individually designed homes.
As part of the investment, the business has secured a £7million debt facility from Lloyds Bank Commercial Banking, whom it has banked with for over 40 years.
Jabin Cussins said: “A number of factors in the market have combined to make this an opportune time to grow the business.
“The investment from BGF alongside a significantly larger bank facility from Lloyds provides us with the ability to develop the large number of high quality sites we have in the pipeline.
“As a family run business, it was important that we found the right investor to partner with, and BGF’s long term investment approach, focused on growth, was an ideal fit for us.”
Richard Taylor, investment director at BGF, said: “Peter and Jabin have a proven track record in the sector, a reputation for building outstanding homes and strong relationships with local landowners who are keen to make sure that the houses built on their land are a good fit with the local area.
“With BGF investment the business is well placed for growth to take advantage of the improved market dynamics in the sector.”
Richard McEvoy, relationship director for Lloyds Bank Commercial Banking, said: “Cussins is already an established name in the North East that has continued to grow in what is a highly competitive sector, demonstrating the ability of its management team to successfully spot and utilise prime development opportunities.
“This investment will enable the company to secure new development opportunities as and when they appear for the coming years, securing jobs and helping Cussins to realise its growth plans.”