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Bewley’s Board Talks Budget and the Economy

15 Mar 2023

Whilst Jeremy Hunt’s budget has been at the height of media speculation this month, the Bewley Board has been giving their thoughts on how the UK economy has been impacting their business and the day to day running of a medium sized housebuilder.


We asked our Finance Director, Terry Bacon for his views on the current impact of the economy on his part of the business.  Terry had this to say, “The recent increases in interest rates has put many development businesses under pressure.   Not only does this impact on probability, but it also potentially reduces the ability of businesses to borrow under current banking facilities whilst still adhering to banking covenants like interest cover, unless those facilities can be renegotiated or the business has access to other funding, like Bewley.”


Commercial Director, Simon Taphouse added his thoughts on the short- and longer-term impact of inflation.  “This year inflation has impacted on the entire supply chain, from materials to contractors and their labour force.   We have seen improvements in timings on the provision of materials in the last six months, but we continue to forecast inflation into current and forthcoming site budgets for the remainder of 2023/24.”


Peter Carpinelli, Operations Director speculated on what the Budget might bring to the market.  “We anticipate that there could be positive news on child support, providing help for working mothers and the extension of the current energy price guarantee for a further three months at its current rate, will also be welcome news.”


Sales & Marketing Director, Elaine Stratford added her thoughts on the overall market, “We are seeing strong demand across each development which has clearly picked up its pace since mid-February.  Customers are keen to move this year much like any other, and we find that the customer service we provide, combined with our locations and high-quality homes, is making Bewley a strong proposition for house hunters in our area of operation.  Year on year, our enquiries and website leads are very comparable.”