Lioncourt Homes raises cash for expansion in UK midlands
Lioncourt Homes, the UK house builder backed by Irish company Lioncourt Investments, has raised €6.5m of equity to fund further expansion.
The money will be used alongside a new €26.5m debt facility from HSBC to increase the company's presence in the West Midlands area of Britain.
The home builder says it is on track to post earnings before interest, taxes, depreciation and amortisation of around €11m this year.
Lioncourt Investments - founded by businessmen David Andrews and Michael Tunney, pictured, - also backs Valeo Foods.
Neither Mr Andrews nor Mr Tunney was available to comment on the fundraising.
Lioncourt Homes operates on 16 sites across the UK.
In the last number of weeks it has successfully acquired four new sites, chief executive Colin Cole told the Irish Independent.
Lioncourt Homes applied for planning permission last July for permission to build 800 new houses and apartments on a 104-acre site near the English midlands city of Coventry.
The company also plans to build a new local centre, primary school, community facilities and green areas as well as providing improved links through the local area for public transport, cyclists and pedestrians.