Pritchard Group plans for the future after new financing deal
STAFFORDSHIRE-based property developer, the Pritchard Group, has concluded a new financing deal with Lloyds Banking Group, enabling it to restructure.
The company, helmed by property entrepreneur Fred Pritchard, will move in a new direction, morphing into a property investment and trading group capable of sustaining a portfolio of commercial and residential properties.
It will still be involved in property development projects, which will be carried out as joint venture partnerships.
Mr Pritchard, the group’s chairman, together with new chief executive Charles Tippet, are masterminding the new strategy.
A first development is already under construction by Bovis Homes at the St. George’s site in Stafford. This involves the development of more than 350 new homes and apartments, along with the restoration of the existing St George’s building.
The group will next turn to its Cannock heartland with the twin projects Avon Plaza and Lakeside Park. The group said both projects were being prepared and evaluated in partnership with other property groups.
Avon Plaza involves the redevelopment of commercial buildings on the corner of Walsall Road and Avon Road. Plans include a new multi-screen cinema, food outlets and apartments.
Lakeside Plaza is a mixed-use scheme combining residential, retirement village and leisure. It is situated on the former Automotive Lighting site in Bridgtown, close to Pritchard’s other sites; Lakeside Plaza and the Ramada Hotel.
Mr Pritchard said he was grateful to the bank for agreeing the new financing package as it had given the company a sound platform on which to build.
“This is a true partnership between a property regeneration business acting for greater community benefits and a bank with a long standing desire to help support our future as a local employer,” said Mr Pritchard.
