Elliott-owned housebuilder Avant clinches deal with lenders

A large British housebuilder owned by the salient capitalist Elliott Management has clinched a refinancing woody with its lenders amid increasing fiscal unit connected the manufacture implicit cladding-related liabilities.

Sky News has learnt that Avant Homes, which has been owned by Elliott since 2021, has reached an statement with a syndicate of lenders to supply further fiscal headroom to the company.

Details of the refinancing were unclear connected Tuesday, though a root adjacent to Elliott insisted that it had not committed immoderate caller superior to Avant arsenic portion of it.

Avant sold much than 1,750 homes successful the twelvemonth to 30 June 2023, the past for which results are available, and recorded gross of astir £500m.

However, successful caller months determination has been increasing manufacture speculation astir the company's fiscal wellness arsenic cladding-related exposures deed housebuilders crossed the industry.

In caller weeks, concern bankers person been canvassing involvement from rival housebuilders astir a takeover of Avant, though sources adjacent to Elliott and Avant denied that immoderate specified process was being conducted connected their behalf.

Avant is chaired by Jeff Fairburn, who near Persimmon successful 2018 amid a City outcry implicit his immense wage package.

Elliott's woody to bargain Avant was engineered done Berkeley DeVeer, successful which it was already a shareholder.

Last year, Sky News revealed that Avant had tabled an connection to get the London-listed housebuilder Crest Nicholson, though the connection was yet unsuccessful.

Avant and Elliott some declined to comment.