Co-op provides £13.8m to refinance Ship Canal House

THE Co-operative Bank has provided a £13.8m loan to allow Himor Group to refinance its recently-acquired Ship Canal House building.

Himor Group, which is run by Will Ainscough, bought Ship Canal House in February for £22.8m.

The 71,500 sq ft building on King St in Manchester is occupied by law firms Gateley and Stripes Solicitors, Fortis Bank, accountants CLB Coopers, Liverpool Victoria and by fund manager Fidelity International. It was built in 1924, and Himor’s acquisition from Catalyst Capital was only the fourth time the building had changed hands since.

The Co-operative Bank corporate manager Steven Peck said the deal was designed to provide capital for HIMOR to expand its property portfolio.

He said: “This is our first transaction for HIMOR and because the Bank places great emphasis on the importance of developing long-term relationships with its customers we very much hope this is the beginning of such a partnership between us.”

Will Ainscough, managing director of HIMOR, said: “We are delighted with the facility that The Co-operative Bank has provided. It has given us more liquidity to pursue other acquisitions. We look forward to doing more deals together soon.”