Countryside Properties looks to resume building on 11 May

7th May 2020 09:05

(Sharecast News) - Housebuilder Countryside Properties said on Thursday that it hopes to resume building operations at the majority of its sites by mid-May after accessing government-backed loans.
Countryside intends to reopen roughly 80% of construction sites from 11 May and said it has put in place a ?300m commercial paper programme under the Bank of England's Covid-19 lending facility.

In addition, Countryside said it had agreed to certain financial covenant revisions to its existing ?300m revolving credit facility, providing it with additional headroom and flexibility until 30 September 2022.

Chief executive Iain McPherson said: "Securing this additional liquidity gives us the confidence to plan proactively for the future.

"Our mixed-tenure business model, strong order book and the outstanding commitment and hard work of our staff throughout this challenging period, position us well for a return to construction activity and we are focused on ensuring we do this in a safe and orderly way."

As of 0900 BST, Countryside shares were down 4.96% at 375.20p.