Inland Homes warns of ‘likely’ loan covenant breach with subsidiary

By Jim Dunton2023-08-31T06:00:00

Housebuilder and brownfield developer expects asset write-down to impact agreement with specialist funding vehicle

Troubled housebuilder and brownfield developer Inland Homes has warned it is likely to breach the terms of its loan agreement with subsidiary Inland ZDP PLC.

In a statement to the London Stock Exchange the AIM-listed firm said it is currently “considering possible provisions to be made against certain asset values in its accounts” with auditors.

“The amounts of any such provisions, which have not yet been determined, appear likely to trigger a breach of the asset cover covenant applicable to the loan between Inland ZDP PLC and Inland Homes PLC,” it said.

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