Funding package sees housebuilder accelerate plans

L-R Sandy Grant, Tulloch Homes, and Graham Fiddes, Bank of Scotland

Funding package sees housebuilder accelerate plans

Inverness housebuilder Tulloch Homes is ramping up development plans, thanks to a £20m funding package from Bank of Scotland.

The developer, which employs 150 people, is currently building 50 flats in the old village in East Kilbride.

Tulloch 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.”

Tulloch expects to build around 200 homes during 2017, with a turnover of £45m, but says the new investment will increase its annual pipeline of homes to 300 and boost its turnover by 50% within three years.

It is currently developing 10 sites, in the Highlands, Aberdeen and East Kilbride. 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.”