Strata has a significant presence in Yorkshire and East Midlands. The company will have a turnover in excess of £82m from the sale of around 530 new homes for the year ending 31 December 2013. The £30m funding package from RBS CIB will allow the business to acquire new land and to fund an increase in building in their established regions. KPMG advised Strata on the transaction.
Irving Weaver, chairman, Strata Homes, said: “The support from RBS CIB puts us in an excellent position for growth. The Leeds-based RBS CIB team showed a clear understanding of the house building sector as well as our requirements and goals and we were very impressed with the bespoke funding package they offered us. We are looking forward to building a strong relationship with RBS CIB.”
Giles Taylor, director, KPMG, commented: “We are delighted to have advised Strata on this latest deal. The partnership between the business and RBS comes at a great time with the housing market picking up strongly, providing lots of opportunities for further growth for players with this sort of funding support.”
Stuart Heslop, regional director, RBS CIB, added: “We are delighted to be supporting Strata as it continues to deliver a growing number of new home completions in Yorkshire. The house building sector is key to the UK's recovery and is a barometer of confidence in the country and we are now seeing good levels of growth across the country in the sector. Supporting house building is a key priority for the RBS team on the ground and we hope that this is the first of a number of opportunities for us as we move in to 2014.”