Inland Homes achieves practical completion of High Wycombe project

Inland Homes said on Monday that the land and build contract was for £21.3m, with a total of £2.1m received on exchange and the balance of £19.2m payable on legal completion in mid-July.

The AIM-listed group added that in addition to the originally agreed contract sum, it had generated a further £400,000 from agreed variations to the deal and the disposal of a commercial unit at Buckingham House.

Inland said the net receipt of £19.6m will be used to repay gross debt of £12.0m, with the balance of £7.6m set to improve the group's day-to-day working capital.

Chief executive Stephen Wicks said: "There is a drastic shortage of consented sites in the South and South East that is exacerbated by a highly complex planning system which places high demands on developers. Our valuable land portfolio offers highly attractive opportunities to other developers, housing associations and build-to-rent operators and we continue to optimise this demand whilst making further headway in the delivery of our key strategic objectives; namely a reduction in net debt."

Reporting by Iain Gilbert at Sharecast.com