Ethel Austin Properties agrees £100m refinancing
ETHEL Austin Properties Holdings, the former property arm of the now defunct Liverpool retailer, has agreed a £100m refinancing deal with its lenders Royal Bank of Scotland and Lloyds Banking Group.
The business, which has existed for more than 40 years, is retained by the family which started the Ethel Austin store chain businesss. It owns more than 1,000 mainly high street properties,but also has some industrial and office space. Tenants include Boots, Superdrug and Lloyds Banking Group.
The firm also said that it has now restructured its board, with deputy finance director Richard Crocker being promoted to the joint role of managing director and chief finance officer.
He has been with the group for five years, and was previously executive vice-president of the European Arm of credit card giant MBNA, which is headquartered in Chester.
Barry Owen remains as the firm’s chairman, while former finance director Andsrew Lovelady moves to a non-excutive role alongside the firm’s longstanding non-executive directors Peter Bulivant and Stephen Laing.
“The board and I are glad to have agreed this new funding structure with our existing lenders, who have been supportive of the company over the last six years,” said Crocker. “The deal enables us to move forward with a consolidated portfolio of quality investments.
“While the outlook for the commercial property market remains challenging, we are now on a solid financial footing and in a position to capitalise on improvements in conditions as they gradually begin to emerge.”
