The FTSE 100-house builder said the extension had strong support from its five relationship banks and that the RCF was an important element in its ongoing growth strategy to meet UK market demand.
The group added that the growth “will require continued substantial investment in new land, necessary community infrastructure and site development work in progress, and in the Group's training programmes for trade skills and management capabilities.”
Persimmon now has 30 house building businesses across the UK, having opened six new businesses over the last three years to support its increases in new home construction.
The company said since the launch of its new strategy in 2012 to the end of 2017 it has increased its annual construction of new homes by over 70%, opened 1,189 new outlets, invested c. £3.2bn in land and delivered c.470% total returns to shareholders, placing it third in the FTSE 100 index over the period.
The news of the extension comes following a board change in March, when the group appointed former Marston’s PLC (LON:MARS) chairman Roger Devlin as its new chairman following the retirement of Nigel Wrigley, who walked the plank after the furore over the company’s ineptly conceived long term incentive plan (LTIP) for senior management, which resulted in chief executive Jeff Fairburn being awarded a £100mln bonus for working “very hard”.
Persimmon shares were down 0.34% to 2,635p in late-morning trading Monday.