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British Business Bank agrees ENABLE Build transaction of up to £350m with Close Brothers

Press release 04 December 2025

  • The transaction of up to £350m will support a portfolio of residential development finance facilities to small and medium-sized housebuilders
  • Over its lifetime the guarantee is expected to support over £700m of finance to help fund the creation of new homes across the UK.

The British Business Bank, acting on behalf of The Ministry of Housing, Communities and Local Government (MHCLG) has agreed a transaction of up to £350m with Close Brothers, under the ENABLE Build programme. 

The transaction will support a portfolio within Close Brothers Property Finance, covering residential development finance facilities to small and medium-sized housebuilders across the UK.

Close Brothers Property Finance is an important, long-standing player in the small and medium-sized housebuilder market and is currently funding the construction of over 7,000 new homes across the UK.

This transaction will substantially boost the lending capacity of Close Brothers, enabling over £700m of development finance lending throughout its lifetime, helping to drive economic growth, accelerate housing supply, and strengthen local communities.

The ENABLE Build programme is delivered by the British Business Bank on behalf of the Secretary of State for Housing, Communities and Local Government. It is designed to unlock bank capital or more efficient non-bank funding to encourage additional lending to smaller housebuilders in the UK, ultimately supporting the government’s ambitions to build more homes across the UK.

The programme is open to UK incorporated banks, UK branches of foreign banks asset and asset-based finance providers as well as certain other categories of lenders which provide, or intend to provide, development finance to viable smaller housebuilders operating in the UK.

This is the second ENABLE transaction with Close Brothers Group Plc, following an ENABLE Guarantee transaction with Close Brothers Asset Finance in August 2025.

Michael Strevens, Managing Director, Structured Financial Institutions, British Business Bank said:

Following the success of our previous ENABLE Guarantee transaction with Close Brothers, we’re pleased to be building our partnership through this ENABLE Build transaction. Close Brothers Property Finance has been a key supporter of smaller housebuilders for over 50 years, and this support will enable even more SME developers to deliver the homes our communities need.

Chancellor of the Exchequer, Rachel Reeves, said: 

This agreement between the British Business Bank and Close Brothers marks a significant step in boosting housing supply and supporting housebuilders across the UK. By unlocking up to £700 million of finance, housebuilders will have the backing they need to deliver thousands of new homes. It’s a clear example of how we can boost growth, create jobs, and build thriving neighbourhoods.

We are committed to get Britain building again, with a target of building 1.5 million homes over the course of parliament. And this partnership shows how we are turning that ambition into action.

Phil Hooper, CEO of Close Brothers Property Finance said: 

We are delighted to deepen our partnership with the British Business Bank through this ENABLE Build transaction. For over 50 years, Close Brothers Property Finance has been committed to supporting SME housebuilders, the backbone of housing delivery in the UK.

This agreement significantly enhances our ability to provide the funding these developers need to bring forward much-needed homes, strengthen local communities, and drive economic growth. We are proud to play our part in unlocking housing supply and helping to deliver on the government’s ambition to build more homes across the country.

Close Brothers is also an accredited delivery partner for several other British Business Bank programmes. These include the ENABLE Guarantees programme, the Growth Guarantee Scheme and legacy schemes such as the Recovery Loan Scheme (RLS), the Coronavirus Business Interruption Loan Scheme (CBILS), the Bounce Back Loan Scheme (BBLS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

Further Information

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Notes to editors

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support £23bn 1 of finance to almost 64,000 2  smaller businesses.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at British Business Bank

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party of Close Brothers Limited or its products or services.

Close Brothers Property Finance

We are property specialists who provide personalised, flexible finance to property developers and investors across the property industry. Over the last fifty years we have consistently supported small and medium sized businesses, and we are currently funding over 7,350 homes with a loan book of £1.9bn. Our bespoke financial products include development finance, bridging loans and commercial investment and our specialist teams are based in three offices across the UK.

Close Brothers is a UK specialist banking group providing lending and deposit taking. We employ approximately 3,000 people, principally in the United Kingdom and Ireland. Close Brothers Group plc is listed on the London Stock Exchange and is a constituent of the FTSE 250.

For further information on Close Brothers Property business, visit Close Brothers Propery Finance  or for further information on Close Brothers Group plc, visit Close Brothers Group plc.

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