Deal

£3.5 million refinance for North West property manager

New funding milestone for R-Group

R-Group of Companies Ltd, the property arm of Blackpool-headquartered The Rigby Organisation (Rigby), has secured a new £3.5 million finance package with the support of our Debt Advisory team.

The North West property manager, which operates a portfolio of more than 50 commercial and residential properties across Preston and the Fylde coast, has refinanced with the support of specialist lender HS Credit. The Stockport-based funder is the UK subsidiary of Malaysia’s Hap Seng Group and brings significant property experience to the relationship.

The long-term financing will enable Rigby to invest in its portfolio of property assets, including the site of the former Bonds ice cream parlour at Elswick, Preston, as well as commercial, agricultural and leisure properties.

The deal was led by our Debt Advisory team, and is the second transaction the team has supported Rigby on in less than four months. In September, our team advised Rigby Commercial on securing a £5.6 million finance package from HS Credit, having supported the property manager in securing HS Credit as a long-term funding partner.

Tom Flack, Group Finance Director at Rigby, said: “The team at FRP has an exceptional understanding of the lending landscape, and has been instrumental in helping us to build our relationship with our new lending partner. We initially sought new backing just prior to the onset of Covid-19 in the UK, and our long-term relationship with HS Credit will allow us to invest in our portfolio of commercial, agricultural and leisure property assets, as they target future growth and trade out of the pandemic.”

Andy Pickford, Debt Advisory Director at FRP, added: “We’re pleased to have supported R-Group on securing its latest funding milestone, and to see the relationship between the Rigby team and HS Credit go from strength-to-strength. As a well-capitalised lender, HS Credit also has longstanding property expertise and a growing presence in the North West, complementing Rigby’s ambitions in the region.

“The ongoing headwinds caused by the pandemic have naturally added complexities to raising finance in the commercial real estate industry. But by building strong relationships with lenders who deliver innovative solutions, we continue to grow our reputation for successfully negotiating finance packages and helping businesses to optimise value.”

Stephen Luty, Corporate Relationship Director at HS Credit, said: “We’re committed to providing innovative capital solutions for businesses in the real estate industry, and always looking to add value to the businesses across the North West. We were impressed by Andy and the FRP team’s ability to navigate the complexities of today’s debt markets, and to support us in developing our relationship with Rigby.”

R-Group is part of The Rigby Organisation, which also operates businesses in the hospitality, energy and care sectors.

Related team

Andy Pickford

Andy Pickford

  • Director
  • Debt Advisory
  • Manchester