Bank of Scotland backs Scottish housebuilder with £20m loan for central belt expansion

Tulloch Homes is to accelerate its development plans after securing a £20 million funding package from Bank of Scotland.

The Inverness housebuilder, which employs 150 people, said the new package will see it expand its build programme from 200 homes a year this year to 300 a year by 2020.

Tulloch also expects the new investment to boost its current turnover of £45m by 50% within three years.

The firm is currently developing nine sites in the Highlands and Aberdeen and is also building 50 flats in East Kilbride.

Tulloch Group finance director, Sandy Grant, said: “We have a number of sites that we have acquired for development but had put on hold while we waited for the right time.

“This funding will also enable us to acquire new sites for development in the Highlands, which is our current stronghold.

“It will also support our move back into the Central Belt, which is a region where we see significant opportunity for future growth moving forward.

“We’ll be targeting that triangle between Perth, Glasgow and Edinburgh for development opportunities.”

The terms of the new loan package with Bank of Scotland are not disclosed.

Graham Fiddes, mid markets relationship director for Bank of Scotland, said: “Tulloch Homes has a track record of delivering high-quality housing and is led by an experienced and dynamic team.

“The Scottish housing market is growing in confidence and we are very happy to be able to support the business and its expansion plans.

“Tulloch has a pipeline of developments that show great potential and Bank of Scotland is committed to helping business prosper.”