Telford Homes aims to double size of the business in five years

Kasmira Jefford
Follow Kasmira
THE CHIEF executive of Telford Homes said the group aims to double in size in the next five years after reporting a strong first half.

The east London housebuilder raised £20m through a share placing in June and also increased its borrowing facilities to £120m, allowing it to buy more sites and tap into demand in the capital.

“It takes two to three years to finish any given scheme – nonetheless by raising the money and spending it now when there are opportunities we will be able to deliver double the units completing a year and double the size of the business in the next five years,” Jon Di-Stefano told City A.M.

The group sold 450 homes in the six months to 30 September, boosting pre-tax profits by 18 per cent to £7.7m. It said it is now fully sold for the year to 31 March 2014.

Di-Stefano said it had already made some major acquisitions including two developments near the Olympic Park, increasing its pipeline by 23 per cent compared with the same period last year.