HIMOR borrows £9.3m against retail estate

MANCHESTER landlord HIMOR has agreed a £9.3m loan with the Royal Bank of Scotland.

The facility has been secured against the Manchester-based group’s retail portfolio, which includes Bramhall Village Square and a B&Q store in Swinton.

HIMOR plans to use the money to buy other assets.

Associate director of finance Mark Booth said: “HIMOR’s strategy is to buy assets with cash and finance them once they have completed. We are looking forward to using a significant portion of the money raised to invest in more land and property in the North West region.”

Andy Llewellyn, of the RBS, said: “Retail is a difficult sector at this time, and while the funding package was not straight forward to put in place, against the background of an excellent portfolio which is geographically well spread and includes a number of blue chip tenants, we were happy to proceed.”

HIMOR is owned by Langtree and Wainhomes owner Bill Ainscough, and his son Will.