6 July 2022
Inland Homes plc
('Inland Homes' or the 'Group')
Inland Homes plc (AIM: INL), the housebuilder, partnership housing developer and regeneration specialist focused on the South and South East of England, today announces it has exchanged contracts for the sale of 22 existing homes along with a plot of land for one single dwelling with Wilton Park, Beaconsfield for a sum of £12.7m.
The net receipt of £12.7m will be used to repay gross debt of £9.5m, with the balance of £3.2m improving the Group's day-to-day working capital.
The 22 homes form part of the 46 former service family accommodation (SFA) located within the Group's flagship development which will be retained, extended and refurbished as part of the wider development of the site.
The Group achieved outline planning consent at Wilton Park in 2019 for 304 new homes, plus the 46 former SFA homes. Planning permission for the single plot was obtained in June 2022 and does not form part of the original outline planning permission on the site.
The first three phases of Wilton Park, comprising 184 homes, have been sold to a private housebuilder.
As the masterplan developer, the Group is playing a key role in the delivery of essential infrastructure and community facilities within the site. In spring 2022, it completed the delivery of the Beaconsfield A355 Relief Road and received Reserved Matters Approval for the delivery of the parkland, café, community centre and nursery.
Stephen Wicks, Chief Executive at Inland Homes, commented:
"We are delighted to have exchanged contracts for the sale of the 22 homes and single plot within Wilton Park.
"Wilton Park is the Group's flagship site and its location in Beaconsfield and the benefit of planning consent is proving to make it exceptionally attractive to other buyers.
"Targeted sales such as these are in line with our strategy and are supporting the Group in making further progress in reducing net debt."
Inland Homes plc: Tel: 44 (0)1494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Panmure Gordon (UK) Limited Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
Erik Anderson (Corporate Broking)
The information contained in this Announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (Regulation 596/2014), as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
Notes to Editors:
Incorporated in the UK in 2005, Inland Homes plc is an AIM-listed specialist housebuilder and brownfield developer, dedicated to achieving excellence in sustainability and design.
Inland Homes acquires brownfield land in the South and South East of England principally for residentially led development schemes. The business then enhances the land value by obtaining planning permission, before building open market and affordable homes or selling surplus consented land to other developers to generate cash.
The Group is committed to extensive public and community consultation in order to ensure that, where possible, local community needs and objectives are met.
Inland's aim is to create sustainable communities and homes which set a benchmark for all future developments in the South and South East of England. The Group is always looking for brownfield sites without planning permission for future development.
Environmental, Social and Governance credentials
Inland Homes is committed to ensuring its land, housebuilding and partnership housing activities leave a positive lasting legacy. As specialists in brownfield site regeneration the Group already has a proud history of adding lasting value through its expertise and experience in site remediation, which allows derelict and near derelict land to be regenerated and used for the construction of new homes.
Inland Homes takes its position as an industry leader extremely seriously and has developed its Environmental, Social and Governance (ESG) framework against the broader backdrop of an escalating global climate issue. The Group's ESG framework, which has been aligned to four of the UN Sustainable Development Goals, sets out our high-level commitments. Using this framework, we are now focused on developing a full ESG strategy. The strategy will identify clear goals and metrics to enable us to measure and report on our performance and success in this space.
For further information, please visit the Inland Homes website at: www.inlandhomesplc.com
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