Festival receives £180 million backing

11:00am Friday 16th May 2008

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FESTIVAL Housing Group, which provides social housing across Malvern Hills and beyond, has secured financial backing from Barclays Commercial Bank in a £180 million deal.

The cash will enable the housing association to restructure its finance arrangements and build more new houses.

The company, based in Grovewood Road, Malvern Link, employs more than 500 staff and manages 8,000 homes.

The group is a recent UK Housing Award winner, and is undertaking its largest ever development programme which will create 250 affordable homes this year.

This latest funding will enable the housing group to realise its future plan to provide a further 500 homes over the next two years and 150 homes each year thereafter for a ten-year period. This will help to tackle the huge waiting list for homes across the area.