Retirement homebuilder Wren Homes has hit the headlines twice this year. The first time was in May, when the group, which is listed on the alternative investment market, announced that it had failed to sell a single home in the six months to 31 January 2008. Coupled with the company's pre-tax loss of ￡393,970 over the same period, this was proof that the housing slump had reaching the "last-time buyer" market. But the credit crunch had not caught Wren off guard. It had stopped building 10 months earlier to begin a fundamental rethink of its business. The second time it came under the spotlight was two weeks ago when it announced it had raised ￡4m from investor Wainford Holdings: Elm in equity and a ￡3m loan. This made Wainford the group's largest shareholder (see box). Paul Treadaway, chief executive, says this investment will kickstart Wren's move from retirement homebuilder to extra care provider. He explains: "The extra care market falls between active retirement units and nursing homes. These are proper flats and it's like being in your own home, but with in-built flexibility, because you can buy the extra care as the need arises."
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