Rydon is debt free and has £275m of urban regeneration projects in hand. However, it wanted bank support to maximise pipeline opportunities.
After speaking to several banks it stuck with its existing provider, Lloyds Bank, under new terms.
Group finance director Tony Wilkinson said: “We are delighted to have secured this excellent arrangement with Lloyds Bank which provides us with more than sufficient headroom to deliver our growth plan.
“Importantly, Lloyds Bank's offer is tailored to our diverse business model, enabling us to push forward with the major mixed-use regeneration programmes we have in our business plans, meet our land acquisition plans for housing development, and ensure the right levels of cash and security for ongoing business requirements.”
Last month Rydon secured full approval from the Mayor of London for the £35m redevelopment of the former Queen Elizabeth Children’s Hospital in Tower Hamlets with Family Mosaic, which will provide 188 new homes.
It also recently secured planning permission from Ealing Council for the second phase of the £155m regeneration of Green Man Lane Estate in West Ealing. The nine-year scheme will provide 706 new homes comprising 338 affordable homes for rent and 63 shared ownership homes for partner A2Dominion, together with 305 homes for outright sale.