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.