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Taylor Wimpey looks elsewhere for additional funding

UK housebuilder Taylor Wimpey today announced that talks with its bankers regarding current banking covenants have been a little disappointing and the group is looking for outside investors to help strengthen the company's balance sheet. The finances of the group are set to take a further hit with a £1.2 billion of write-down expected in the short term.

Chris Rickard, the new finance director of the group, suggested that the ongoing talks with bankers were stalling somewhat and were unlikely to be concluded before early next year. There is also a suggestion that the group's bankers are demanding stricter conditions in return for any further funding arrangements, something which appears to be a sticking point at the moment.

When you consider that the UK housebuilding sector is still very much under pressure it is no surprise that the banks are looking at tighter conditions to ensure their potential additional funds are secure. On a more positive note the group has welcomed the Bank of England's 1.5% reduction in base rates although as with many others in the sector they believe the economy will need to stabilise before buyers returned to the market.

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