Latest news with #AvantHomes
Times
02-08-2025
- Business
- Times
Angela Rayner, the housing tycoon and his £100m cladding bailout
Housing secretary Angela Rayner is poised to throw a lifeline to controversial housebuilding tycoon Jeff Fairburn as his troubled company's bill to fix Grenfell Tower-style cladding balloons beyond £100 million. Fairburn, famed for pocketing £75 million in 2018 while running Persimmon Homes when it was profiting from the taxpayer-funded Help-to-Buy programme, now chairs Avant Homes. The debt-laden and lossmaking business, one of Britain's biggest housebuilders, has seen its costs for replacing potentially lethal cladding soar. Much of the money spent came from loans from the taxpayer to the housebuilding industry which were meant to be repaid rapidly, but it has emerged today that Rayner's department is close to permitting Avant to postpone repayments. Avant's cladding bill has jumped from £68.4 million last year to £106.9 million, accounts revealed last week. That came on top of spiralling losses and debts at the company, backed by Wall Street hedge fund Elliott Management. The cost of remediation was initially footed by taxpayers through the Building Safety Fund (BSF), which then recouped the money from the developer responsible for building the property. More recently, housebuilders have committed to assessing potentially dangerous properties and then paying for remedial works. Avant's £106.9 million is a mix of money owed to taxpayers through the BSF and an estimate of the cost to ensure the remaining buildings are safe. Bosses at Avant have been in talks with officials from Rayner's housing department for more than a year to agree to delay the reimbursement of taxpayers for funds due to the BSF. Payments will be 'deferred and spread over a number of years' under a deal that is 'now reaching a conclusion', Avant said. However, fears that the company could run out of cash persist. The company's 'liquidity risk' rose in the year to June 2024, the balance sheet date for the accounts. Avant has £250 million of borrowing from a group of lenders led by HSBC. It was due to repay the group on July 24, but is understood to have been granted a short-term extension while it negotiates a refinancing of its bank loan. The company is in advanced talks to extend its bank loan to the end of October 2026 — although only £180 million of the debt would be refinanced, reducing to £150 million by the end of March next year. Avant Homes Group Limited generated an £83 million pre-tax loss in the 12 months to June 30, 2024, the accounts disclose. The previous year the company turned a £1.5 million pre-tax profit. Avant's auditor KPMG flagged a 'material uncertainty' over Avant's ability to continue trading for the foreseeable future. KPMG said that Avant's ability to finalise a refinancing and a forbearance deal with the housing department as well as reducing spending on new plots of land would determine whether the company could stay afloat. A spokeswoman for Avant said: 'The group is overseeing the remediation of buildings constructed since 1992. All of the buildings which are potentially in scope were developed whilst the group was under previous ownership and management. 'Avant is making every effort to remediate the building defects created by others in response to the building safety obligations, but the scale and complexity of these obligations have required extensive technical and legal evaluations. 'We have sought to work with MHCLG [the Ministry of Housing, Communities and Local Government], lenders, and independent experts to ensure the remediation, which is a priority for management, is delivered responsibly, sustainably and in as an accelerated timescale as possible.' Fairburn established Avant as one of the UK's biggest regional housebuilders, with significant developments across Yorkshire, northeast England, the Midlands and Scotland. Elliott is the majority owner of the business with Fairburn also owning a major stake. Shareholder loans, which attract 12 per cent interest that is added to the total borrowing, rose from £356 million to £422 million. The government said: 'Viva Midco, parent company of Avant Homes, are one of 54 developers who signed a Developer Remediation Contract with government and we expect all signatories to comply with their contractual commitments. 'We are taking decisive, tough action and going further than ever before to speed up the unacceptably slow pace of remediation, drive accountability across the sector, and provide an end in sight for residents who have suffered for too long.'
Scotsman
22-07-2025
- Business
- Scotsman
Avant Homes releases final four family homes for sale at Penicuik development
Avant Homes Scotland has released the final four family homes for sale at its £60m, 165-home Carnethy Heights development in Penicuik. From gorgeous Georgian town houses to jaw-dropping penthouses, converted campervans to bargain boltholes. Take a peek at the finest homes across the UK. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The remaining homes at the development are all five-bedroom detached homes, with prices ranging from £414,995 for a Rothesay house style to £429,995 for a Stirling. Located just 10 miles south of Edinburgh, Carnethy Heights comprises a mix of four- and five-bedroom practically designed, energy efficient homes. Advertisement Hide Ad Advertisement Hide Ad The remaining plots are available with a range of incentives including five per cent deposit contribution, £10,000 deposit paid and £1,000 towards legal fees. Final homes - The Rothesay view home (pictured) allows potential buyers to experience the final homes for sale at Carnethy Heights There is also a 'Dream Move package' on one of the remaining plots which comprises a full house flooring package, LBTT paid, £1,000 towards legal fees, £1,000 retail voucher and £1,000 towards extras included. Interested buyers can visit the new five-bedroom Rothesay view home to experience what Avant Homes has to offer first-hand. On the Rothesay's ground floor, the entrance hallway leads to a large open-plan kitchen and dining area that flows into an additional living space, with French doors leading out to the garden. Downstairs is completed by a separate spacious lounge, understairs storage and a WC. Advertisement Hide Ad Advertisement Hide Ad Upstairs, the main bedroom includes a modern en-suite, while three further double bedrooms and a generous single are served by a family bathroom. The Rothesay also benefits from an integrated single garage. Avant Homes Scotland sales director, Lisa Archibald, said: 'Carnethy Heights has been a great success since its launch and it's fantastic to now release the final four five‑bedroom homes. 'All of the remaining five-bedroom homes are practically designed and energy efficient to meet the needs of modern day family living. 'We encourage anyone interested in these final four family homes to speak with our sales team to view the properties and find out how we can help make their next dream move a reality."
Yahoo
15-07-2025
- Business
- Yahoo
Elliott-owned housebuilder Avant clinches deal with lenders
A major British housebuilder owned by the prominent investor Elliott Management has clinched a refinancing deal with its lenders amid growing financial pressure on the industry over cladding-related liabilities. Sky News has learnt that Avant Homes, which has been owned by Elliott since 2021, has reached an agreement with a syndicate of lenders to provide additional financial headroom to the company. Details of the refinancing were unclear on Tuesday, although a source close to Elliott insisted that it had not committed any new capital to Avant as part of it. Avant sold more than 1,750 homes in the year to 30 June 2023, the last for which results are available, and recorded revenue of almost £500m. However, in recent months there has been growing industry speculation about the company's financial health as cladding-related exposures hit housebuilders across the industry. In recent weeks, investment bankers have been canvassing interest from rival housebuilders about a takeover of Avant, although sources close to Elliott and Avant denied that any such process was being conducted on their behalf. Avant is chaired by Jeff Fairburn, who left Persimmon in 2018 amid a City outcry over his vast pay package. Elliott's deal to buy Avant was engineered through Berkeley DeVeer, in which it was already a shareholder. Last year, Sky News revealed that Avant had tabled an offer to acquire the London-listed housebuilder Crest Nicholson, although the proposal was ultimately unsuccessful. Avant and Elliott both declined to comment.
Sky News
15-07-2025
- Business
- Sky News
Elliott-owned housebuilder Avant clinches deal with lenders
A major British housebuilder owned by the prominent investor Elliott Management has clinched a refinancing deal with its lenders amid growing financial pressure on the industry over cladding-related liabilities. Sky News has learnt that Avant Homes, which has been owned by Elliott since 2021, has reached agreement with a syndicate of lenders to provide additional financial headroom to the company. Details of the refinancing were unclear on Tuesday, although a source close to Elliott insisted that it had not committed any new capital to Avant as part of it. Avant sold more than 1,750 homes in the year to 30 June 2023, the last for which results are available, and recorded revenue of almost £500m. However, in recent months there has been growing industry speculation about the company's financial health as cladding-related exposures hit housebuilders across the industry. In recent weeks, investment bankers have been canvassing interest from rival housebuilders about a takeover of Avant, although sources close to Elliott and Avant denied that any such process was being conducted on their behalf. Avant is chaired by Jeff Fairburn, who left Persimmon in 2018 amid a City outcry over his vast pay package. Elliott's deal to buy Avant was engineered through Berkeley DeVeer, in which it was already a shareholder. Last year, Sky News revealed that Avant had tabled an offer to acquire the London-listed housebuilder Crest Nicholson, although the proposal was ultimately unsuccessful.
Scotsman
09-07-2025
- Entertainment
- Scotsman
Brits' top six BBQ icks revealed
BBQ buzzkills - a survey by Avant Homes has revealed Brits' secret BBQ icks With BBQ season well underway, it's not just sausages feeling the heat. Brits are increasingly frustrated by bugs, bland banter and badly chosen tunes. From gorgeous Georgian town houses to jaw-dropping penthouses, converted campervans to bargain boltholes. Take a peek at the finest homes across the UK. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... A new survey of 2,000 Brits by housebuilder Avant Homes has revealed what's secretly really grinding people's gears when it comes to outdoor grilling parties. Number 1: Major buzzkill When asked what, other than burnt or undercooked food, their most secretly disliked things about BBQs are, nearly half (46 per cent) of Brits said too many flies and wasps at an outdoor gathering top their list of BBQ icks. Advertisement Hide Ad Advertisement Hide Ad These pesky gate crashers have officially earned the title of Britain's most unwelcome BBQ guests, but it's not just bugs that are causing the BBQ blues. Number 2: Bore off! Nearly a quarter (22 per cent) of people admitted that boring company can put a real dampner on the day, suggesting that the guest list is just as important as what's on the grill. Number 3: Hot grills, cold guests While the flames may be roaring, one in five Brits (20 per cent) said a lack of outdoor heating when it gets cold is their main reason to get annoyed at a BBQ party. Number 4: Thirsty work A further one in five Brits said warm drinks were a major mood killer because no one wants a lukewarm cider, tepid rosé or room temperature soft drink in the sun. Number 5. Bad beats Advertisement Hide Ad Advertisement Hide Ad One in six (16 per cent) said a poor choice in music was their top secretly held dislike – giving a clear sign that curating the perfect BBQ playlist isn't just a nice thing to do, it's a necessity. Number 6: Pesky pets Pets aren't off the hook either. One in seven Brits (14 per cent) said fluffy friends begging for food are their top dislike suggesting BBQs might be better off as a pet free zone. Interestingly, though, not everyone is so easily bothered. A chill 13 per cent said they don't have any secret BBQ dislikes at all, proving some Brits are just happy to be there, bugs and all. Top tips Commenting on the findings, Avant Homes group marketing manager, Louise Lawrence Flynn, said: 'BBQs are one of the joys of British summertime, but our survey shows that getting the setting right really matters. People want to feel comfortable, welcome and able to enjoy the moment without distractions. Advertisement Hide Ad Advertisement Hide Ad 'That's why we focus on creating homes with outdoor and indoor spaces that are both sociable and practical giving people the freedom to host however they like. Our survey provides useful tips on what to do, and what not to do, to make your BBQ party be remembered for all the right reasons.' For more information on Avant Homes visit
