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Cala Homes And Hbos.

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Found this nugget hidden away in a Scotland on Sunday (SoS) article:

SoS article

"Scottish housebuilder Cala Homes also revealed it is to cut 30 jobs and cease work on all homes unless they have already been sold"

Now I had a look at their website and found the following:

Cala website

"our shareholder and principal lender, the Bank of Scotland."

Now Cala are a pretty big boy. Nowhere near Barrats or such but with turnover in 2006 of ~250 million they are about 1/6th of the size of the big boys. They also have a landbank 'valued' at £1.1 Billion.

So Cala is a major player, no doubt about that.

They also announced a 'special' deal less than a month ago to 'help' buyers.

CALA special offer

"Housebuilder Cala Homes is guaranteeing eligible buyers fixed-rate mortgages of less than 6% in an attempt to get people moving house again."

As HBOS are a major shareholder and major lender - have they simply pulled the plug on their funding to CALA ?

Strange that it has taken less than a month for them to seemignly give up any effort to get things moving ?

Is a major builder stating that it is downing tools not a fairly large news story !!??

PS. HBOS own 40% of CALA as you can see here:

CALA 2007 results

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ccc, good find, but might have to repost in scottish subforum as will disappear in here and need something to stave off the zzzzzzzzz's in the subforum!

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The official propaganda has it that house prices in Scotland are still rising. Seems the truth is that it's bleak for sellers all round.

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They also have a landbank 'valued' at £1.1 Billion.

It won't be worth that for much longer and thats why the banks dare not back them.

Out of interest is the land bank bigger than a 200m2 as it's not just house buyers that tell porkey pies when ot comes to figures.

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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