We are led by our purpose - ‘Together we are turning houses into homes, growing and building communities, and making a positive difference to people’s lives’. The culmination of this comprehensive re-financing arrangement means that we are in a strong position to continue delivering on this, and the ambitions set out in our Corporate Plan.

This includes providing more much-needed new affordable homes within our operating area of West Oxfordshire, Gloucester, Wiltshire and Worcestershire. We already own and manage over 5,700 homes and we will continue to invest in our existing stock, with a focus on safety and decarbonisation, while providing high-quality services to the 12,000+ customers and communities we serve.

Formed in 2001 as a LSVT (Large Scale Voluntary Transfer) from West Oxfordshire District Council, we have successfully delivered an extra 2,000 homes since the transfer. However, we have been tied in to outdated and expensive LSVT debt, which has constrained our long-term ambitions and flexibility.

This is what has driven our treasury review and we are grateful to corporate financial advisors Centrus, who have worked in partnership with our finance team to deliver a successful result, and to our new lenders LGIM (Legal & General Investment Management) and AIB (Allied Irish Bank).

Our Chief Executive Richard Reynolds says: “This new funding is part a major re-finance programme for Cottsway which has allowed us to repay legacy debt and secures our corporate ambition to provide more homes in the communities we serve. 

“This potential for additional growth, together with our strong balance sheet and strong financial rating (G1/V1 from the Regulator and A3 stable from Moody’s) makes Cottsway all- the-more secure.

“We are delighted to have our new lenders alongside us and look forward to building a partnership for the future. We are also delighted to have been working with Centrus, who have been a huge support.”

Further details about the restructure and re-financing arrangement are on the Centrus website