Crown Simmons raises additional finance to support ambitious growth plans
Crown Simmons Housing is a not-for-profit Registered Provider of affordable housing working in the south east of England and parts of London and owns or manages more than 700 homes. Established in 1959 to provide high-quality homes in great locations, Crown Simmons works in partnership with local councils, developers, funders, Homes England and public sectors bodies. Crown Simmons gives single individuals, couples and families the opportunity to rent or own a home of their own.
Crown Simmons Strategic Plan 2017-2021 “Better, Stronger, Smarter” sets out the clear ambition that, by 2021, it will continue to be a thriving, local, customer-focused social business providing more homes and better services for residents. Remaining an organisation that ‘punches above its weight’ in fulfilling its Mission to provide homes and services for people on low to average incomes.
A long standing client of Centrus, we initially provided M&A advice when Crown Simmons was established through merger in 2014. Following a strategic treasury review and options appraisal, Centrus led on this fund raising exercise to procure £10m of additional finance from the bank market. The outcome of this comprehensive approach was a very positive response from a range of prospective lenders but ultimately agreement to mandate an existing lender to Crown Simmons which provided the optimal all round package of terms.
Paul Yates, Chief Executive of Crown Simmons, commented: The new facility will support our growth ambition to add a further 100 homes to our portfolio over the next five years through new development and acquisition. We have two schemes on site at present producing 39 homes for shared ownership and affordable rent, and we are also working with Elmbridge Council to acquire a number of homes for use as temporary accommodation – all funded from existing resources. This new funding will allow us to secure a number of new projects to add to our development pipeline in Surrey, Sussex and south west London.
Paul Stevens, Managing Director at Centrus, commented: We were delighted to work with Crown Simmons on this important fundraising exercise. Centrus works with a wide variety of Registered Providers, from the largest in the UK to smaller, local, social businesses like Crown Simmons, but what unifies this activity is our commitment to maintaining strong relationships and our desire to deliver optimal outcomes.
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