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On 11 September 2023, Inland Homes plc announced that its subsidiary, Inland Homes Developments Ltd, considers itself in breach of certain historic and forward-looking covenants relating to a £13.6m debt facility from HSBC. Inland Homes plc guarantees this facility, which has approximately £11m drawn to date. The company is in active discussions with HSBC regarding waivers for these breaches.
| Date | 11 Sept 2023 |
| Time | 17:00:10 |
| Category | Miscellaneous |
| ID | 0659M |
Inland Homes plc
('Inland Homes' or the 'Group')
Breach of loan covenant
Inland Homes plc (AIM: INL), the housebuilder, partnership housing developer and regeneration specialist focused on the South and South East of England, announces that it has advised HSBC that it considers that its subsidiary Inland Homes Developments Ltd is in breach of certain historic and forward looking covenants in relation to a debt facility of £13.6m provided to that company. The facility is guaranteed by Inland Homes plc.
The total amount drawn under this facility from HSBC to date is approximately £11m. Inland Homes plc is in active discussions with HSBC regarding waivers for the breaches and a further announcement will be made in due course.
Enquiries
Inland Homes plc: Tel: 44 (0)1494 762450
Jolyon Harrison, Chief Executive Officer
Panmure Gordon (UK) Limited Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
Tom Scrivens (Corporate Broking)
The information contained in this Announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (Regulation 596/2014), as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). The person responsible for arranging for the release of this announcement on behalf of Inland Homes plc is Jolyon Harrison, Chief Executive Officer.