- MJ Gleeson is a low cost house builder based in Sheffield听
- Santander UK has joined its banking syndicate to provide an additional 拢35m of funding to support its expansion plans听
- 听In 2020, first time buyers accounted for 84% of Gleeson Homes鈥 sales and 64% of its buyers are key workers
Santander UK has provided MJ Gleeson with an additional 拢35m of funding to help the business meet its target of growing the business beyond its target of 2,000 homes a year, which it expects to achieve next year. Santander鈥檚 funding will support the business鈥檚 working capital and provide headroom for growth. In the last 10 years, the business has reported growth of 20% per annum.听
Founded in Sheffield in 1903, MJ Gleeson comprises of Gleeson Homes, which develops and sells high quality affordable housing, predominantly to first time buyers in the North and Midlands, and its land promotion business, Gleeson Strategic Land, which promotes land (predominantly in the South of England) through the planning for sale to residential developers. Once consented, half of its sites are sold to the UK鈥檚 top 10 national housebuilders.听
Gleeson Homes focuses on building high quality, affordable properties which have an average selling price of 拢140,600. The business has followed Government guidance to continue construction during the pandemic. In 2020, it launched its Key Worker Priority Programme, which includes a range of benefits, for instance 48-hour priority access to new sites and plots for keyworkers, exclusive viewings, or 拢1,000 towards improving the property鈥檚 specification1.听
Stefan Allanson, Chief Financial Officer, MJ Gleeson, commented: 鈥淥ur decision to partner with Santander was based on their understanding of our business and their commitment to the house building sector. The team at Santander share the same values as Gleeson: passionate, collaborative and respectful.
鈥淲ith their support we will deliver even more, much needed high quality, low cost homes for young, first time buyers who are either leaving home for the first time or escaping the rent trap. Santander is helping us to achieve our vision of 鈥楤uilding Homes. Changing Lives鈥.鈥
Nick MacHugh, Relationship Director at Santander UK, said: 鈥淢J Gleeson has a clear vision and social purpose, and its business model is driving year on year growth. We鈥檙e delighted that the management team has chosen Santander to provide additional working capital to support its growth aspirations. 听We look forward to working with the management team to help more people achieve their dream of home ownership.鈥澨
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