The Bourne builder has been given a £35m junior loan from Cheyne Capital Management to grow its regional presence. The loan will enable Larkfleet to expand operations and invest in existing and new sites across Lincolnshire, Cambridgeshire, Northamptonshire, Rutland, Norfolk, Suffolk, and into the southwest.
Larkfleet Homes chief executive Karl Hick said: “We are looking forward to working with Cheyne to expand the operation, and alongside HSBC as the senior lender, we consider we have a good lending team to deliver the management’s growth aspirations.”
Rob Turner of Cheyne Capital said: “We are very pleased to be backing an established operator with a good growth trajectory. Larkfleet had secured a number of attractive land opportunities but their existing senior debt facilities were proving a constraint on being able to take full advantage of the opportunities they possessed.”