Renowned property group undergoes restructure

SOUTH Staffordshire property firm The Pritchard Group has undergone a restructure which sees it split off into two separate businesses.

The Pritchard Group will continue to focus on property investment and development while a new business, The Anglesey Group, will manage the Pritchard family assets.

This latest development follows the group’s recent refinancing deal it agreed with Lloyds.

Chairman Fred Pritchard and recently appointed chief executive, Charles Tippet, will take forward the new strategy for The Pritchard Group alongside planning and development director Bob Evans and estates director Chris Salmon.

The firm plans to create joint venture partnerships for development projects and manage its investment portfolio of industrial, commercial and residential properties.

The Anglesey Group will be managed by Mr Pritchard’s son Jon as managing director.

Both companies will operate from the firm’s headquarters in Hednesford but pursue their own business plans, with more details regarding The Anglesey Group due to be announced later this month.

Mr Pritchard Snr said: “These are exciting times for both The Pritchard Group and the new Anglesey Group.

“Having restructured and refinanced, we are now in a very strong position to move forward with confidence and to take advantage of the many opportunities we’ve identified.

“We are embarking on a series of restructuring elements including the sale of some properties in the portfolio.

“This will release equity in order to part finance our future activities.”

The Pritchard Group has been involved in property investment and development for over 35 years and its projects include Avon Plaza in Cannock, Towers Business Park in Rugeley and the ongoing St George’s redevelopment in Stafford.