LONDON (Alliance News) - Health care and community care partner Ashley House PLC shares spiked on Wednesday as it announced financial closure on three schemes.
Shares in Ashley House were up 27% Wednesday at 11.85 pence each.
The three schemes to reach financial close came from the partnerships at Ashley House, Morgan Ashley and F1 Modular.
In Ashley House, contracts have been signed with the care provider HSN Care in Peterborough, UK. This will provide specialist residential accommodation for 12 disabled young adults with complex needs. The modular component of the development is to be built by subsidiary F1 Modular, with the work already underway in the factory.
The Morgan Ashley joint venture with Morgan Sindall has achieved its first financial close with the scheme in Ryde, Isle of Wight. The Ryde scheme comprises 75 extra care apartments providing accommodation for older local residents with care needs, together with 27 affordable bungalows. The scheme will be operated by Southern Housing and owned and financed by Funding Affordable Homes. The scheme is part funded by a grant from Homes England.
F1 Modular has signed contracts for the delivery of a 40 apartment extra care facility in Aberdare for the Housing Association Linc Cymru. F1 Modular is also building classrooms under the Education and Skills Funding Agency framework along with other smaller projects including work for retailers. Ashley House said its pipeline has increased significantly with work being undertaken on a growing number of upcoming schemes including a 148 bedroom hotel.
Chief Executive Antony Walters said: "We are delighted to have made substantial progress in the last few months with four schemes reaching financial close with a total gross development value of GBP36 million and the cash position improving such that the company has been able to significantly reduce debt. The board is delighted that the year end result will, as forecast, show a considerable improvement in the company's fortunes since the half year and we look forward to the new year with confidence."
