Retirement homes specialist Wren Homes has raised £4m through a share issue and loan deal with investment group Wainford Holdings.

It said the proceeds would be used to fund new schemes and for general working capital. In total, £1m will be raised through the issue of 10 million shares at 10p each to Wainford. The remaining £3m will be in the form of a five-year loan at a 5% rate of interest.