Peabody signs new £100m loan agreement with The Co-operative Bank

We have secured a new £100m loan from The Co-operative Bank, extending our existing borrowing arrangement and helping us continue to invest in residents’ homes.

Published: 02/02/2026

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The new loan replaces a legacy facility previously provided by the bank to Town & Country Housing (TCH), a part of the Peabody Group that owns and manages more than 13,000 affordable homes across Kent, Surrey, and Sussex. The loan was increased last year from £35m to £65m, and now to £100m.

The agreement reflects The Co-operative Bank’s commitment to supporting the social housing sector and long-term investment in affordable homes.  

John Rangecroft, Commercial Banking Manager at The Co-operative Bank, said: “The shortage of genuinely affordable housing is one of the most pressing social challenges facing our society today. Too many people are living in unsuitable, insecure accommodation, having tangible consequences for families, communities and public services.  

“At a time when financial conditions have become more challenging and long-term investment in social housing is under real pressure, we are proud to support Peabody with this £100m facility.”

Peabody Chief Financial Officer, Phil Day, said: “This agreement is an important step as we continue to invest in residents’ homes, provide support in local communities, and, where possible, help build much-needed new affordable homes.  

“We value the bank’s understanding of the social housing sector and welcome their ongoing support as we strengthen our financial base.”  

The new loan will transfer to Peabody Trust, the main borrowing entity of the group.