15 December 2014
Cussins, a house builder based in the North East, received a £5m investment from BGF in December 2014. The money is being used to support the acquisition of land and the development of up to 300 new houses per year over the next four years, generating 500 jobs.
Peter Cussins, executive chairman, and his son Jabin, chief executive, remain majority shareholders in the Alnwick-headquartered business. For almost a century, three generations of the Cussins family have built more than 50,000 houses in landmark developments across the North East.
After a prolonged period of housing shortage in the North East, the Government’s revised planning framework is helping Cussins take advantage of an increased availability of high quality land in prime locations. With a strong emphasis on housing design that complements local surroundings, the business focuses on smaller developments of between 10 and 70 homes, where there is a high level of demand from buyers.
To support business growth, Cussins appointed Mike Stansfield, former chief executive of David Wilson Homes, as non-executive chairman. Stansfield was introduced to Peter and Jabin Cussins by BGF. Richard Taylor, investment director at BGF, also joined the board. As part of the investment, the business secured a £7m debt facility from Lloyds Bank Commercial Banking, whom it has banked with for over 40 years.