Cussins, an Alnwick, UK-based house builder, received a £5m investment from Business Growth Fund.
In conjunction with the deal, Richard Taylor, investment director at BGF, joined the board.
The company, which also secured a £7m debt facility from Lloyds Bank Commercial Banking, intends to use the funds to support the acquisition of land and the development of up to 300 new houses per year over the next four years, generating 500 jobs.
Led by Peter Cussins, executive chairman, and his son Jabin, chief executive officer, who will remain majority shareholders of the business, Cussins focuses on smaller developments of between 10 and 70 homes.
To support business growth, the company appointed Mike Stansfield, former chief executive of David Wilson Homes, as non-executive chairman.
FinSMEs
17/12/2014