Kingdom Group gets £50m for cheap homes

Kingdom Group, a leading affordable housing provider in Scotland, has recently secured an impressive £50 million in funding to support its mission of building high-quality homes across Fife, Perth & Kinross, Clackmannanshire, and Falkirk. This funding, provided by Royal Bank of Scotland (RBS) and Bank of Scotland (BoS), along with government grants, will enable Kingdom to develop approximately 500 new homes to address the housing emergency in Scotland.

Moreover, by renegotiating existing lending arrangements with the banks, Kingdom has gained enhanced financial flexibility to invest in its current housing stock. This strategic move supports its net-zero and sustainability agenda, as it will implement a maintenance programme to lower energy bills for customers living in older homes, providing them with warmer and more secure living spaces over time.

Leigh Grubb, Kingdom’s group director of corporate services, expressed his gratitude for the ongoing support from the private funding market, emphasising the essential role affordable housing plays in society. Despite some slowdown in the development programme due to government funding restrictions, the secured financial backing from Royal Bank of Scotland and Lloyds allows Kingdom to refocus on its core goal of delivering top-notch, affordable housing to its customers in the central belt region.

Bruce Davidson, relationship director at Royal Bank of Scotland, highlighted the bank’s commitment to addressing the shortage of future-proof homes across the country and commended Kingdom for its dedication to providing affordable housing in central Scotland. Melanie Russell, relationship director for social housing at Bank of Scotland, echoed this sentiment, stating that the funding sets the stage for Kingdom Group’s sustainable growth and the creation of financially resilient communities through the delivery of modern, accessible housing.

Overall, Kingdom Group’s successful securing of £50 million in funding marks a significant milestone in its mission to meet the affordable housing needs of communities in Scotland. With a clear focus on sustainability, energy efficiency, and customer well-being, Kingdom is poised to make a lasting impact on the housing landscape in the region.