- Date: 24/07/2024
£15m increased financial security for Honeycomb Group ahead of new corporate plan launch
This month we're thrilled to announce the agreement of a new £15m loan facility to further our financial security ahead of our new corporate plan launch.
Following a competitive process, we agreed a deal with Danske Bank – trading as Northern Bank – to increase and extend our existing Revolving Credit Facility for the next seven years.
The deal comes as we recently launched our new corporate plan, Thriving Futures, in a move that ensures the financial security of our five-year strategic vision.
Honeycomb Group Executive Director of Finance, Greg VanEnk-Bones, said: "We were really pleased to be able to build on our existing relationship with Danske, to provide funding that will ensure our continued financial security, and enable our organisation to continue investing to improve the quality and energy efficiency of our existing homes, and enable us to build more much-needed affordable homes for our region. Thank you to Danske, Trowers and Chatham Financial for their support.”
Executive Director of Finance, Greg VanEnk-Bones
Chief Executive, Julie Guildford Smith, added: "It’s a really exciting time for us at Honeycomb Group as we have just launched our new corporate plan. This deal provides important funding to deliver our ambitious five-year strategic vision.”
As an organisation, we have worked with Danske Bank for three years, with the latest deal redeeming our expiring bank facilities and extending our maturity profile.
Danske Bank said: “We first partnered with Honeycomb Group Limited in 2021 and have worked closely with the team since then. Their social values closely align with the Bank’s own purpose to help customers and society to thrive. We are delighted to further bolster our support to Honeycomb with the provision of an additional £15m facility to facilitate their new corporate plan.
“The new funding will allow Honeycomb to continue to provide support to people and communities and improve the quality and energy efficiency of the homes available in the Staffordshire region.
“Danske Bank has been a provider of finance to the social housing sector for many years. Our finance helps to support the sector navigate the considerable challenges of developing new homes, retrofitting existing stock and prioritising the journey to Net Zero.”
Executive Director of Finance, Greg VanEnk-Bones with Board Member Alice Myers, at the Thriving Futures launch event
Chatham Financial added: “Chatham Financial were delighted to support Honeycomb with their latest bank financing from Danske Bank.
“The new revolving credit facility will help Honeycomb Group to deliver on their ambitious plans for Staffordshire and its surrounding areas by providing the Group with a long-term, flexible source of capital from a trusted relationship lender.
“We’re excited to see Honeycomb progress its strong social mission that really sets them apart in the wider social housing sector.”