Housebuilder says it expects to report 20% turnover rise for 2011

South-east housebuilder Banner Homes has secured a four year 拢120m loan facility from a consortium of banks to fund future growth of the firm.

The 拢83m turnover firm said that its major shareholder had also agreed to extend an 鈥渋nvestment loan鈥� until 2015. The funding banks are RBS, HSBC and Santander.

Banner said it was on course to deliver a turnover of around 拢100m in its financial year to May 2012 with profit up by 30% on the 拢3.2m reported in 2011. In the previous year turnover dropped by 14% as it reacted to the downturn in the market.

Richard Werth, chief executive of Banner Homes, said: 鈥淭his deal is a great achievement for the company and will allow us to accelerate Banner鈥檚 growth in quality opportunities building on our profitable performance over the last few years.鈥�

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