Student housing firm’s £16.2m cash boost

A LANCASTER student accommodation provider has secured a £16.2m financing agreement.

CityBlock currently provides high-quality en-suite housing for more than 400 students across five student blocks in Lancaster and Leicester.

The funding agreement with the Royal Bank of Scotland will allow for CityBlock’s continued business development across the country. The company was established 10 years ago by husband-and-wife team Trevor and Alison Bargh, who are new RBS clients.

Mr Bargh, who is chief executive of CityBlock, said: “The demand for student accommodation continues to grow and as a business we want to position ourselves as a leader in providing high-quality accommodation to students.

“RBS has shown a commitment to supporting our business growth aspirations and we have been impressed by their , responsiveness and by their interest and enthusiasm for our business.”

Head of real estate at RBS, Karen Johnson, said: “CityBlock is a well established and respected family business with a great track record of success and we look forward to supporting the business with its growth aspirations for the future.”