A subsidiary of troubled AIM-listed developer Inland Homes has breached banking covenants regarding a £13.6m loan from HSBC and is yet to secure a waiver, the firm has admitted.

The company, which is now run by former Gleeson boss Jolyon Harrison after a deal was reached to bring the veteran chief executive in over the summer, said it was in “active discussions” with HSBC regarding securing a waiver.

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