Telford Homes raises £20m with new share placing

London housebuilder Telford Homes raised £20m through a share placing yesterday to allow it to buy up more sites and take adavantage of the unprecedented demand in the capital.

Telford placed the new shares at 250p.

In addition, the company has also increased its borrowing facilites to £120m.

Telford said it has already pre-sold 99 per cent of the homes it plans to build this year and is gearing up for major expansion over the next three years.

The builder added that it has a development pipeline of 2,260 homes which are expected to deliver more than £650m of revenue over the next three to four years.