Gladman secures £50m refinancing
COMMERCIAL property specialist Gladman Developments has agreed a new £50m joint financing agreement with its banks, The Co-Operative and RBS.
Gladman, which is a family-owned company founded in 1987 by David Gladman, has said that it will use the money to continue the development of specialist retirement apartments under its Adlington brand and to continue with the development of offices.
In January, TheBusinessDesk.com revealed that Congleton-based Gladman Developments had to declare a loss of £45.3m in the year to March 31 2010 as a result of writedowns in the value of its portfolio, but it still had assets worth more than £120m. Its turnover for the period was £28.7m.
Jon Shepherd, finance director at Gladman, said: “We have had a long and fruitful relationship with The Co-operative Bank’s Manchester team, who we have always found to be helpful and straightforward. The team have a good understanding of our business, and the property market in general, and have always delivered on promises. From our experience, the Bank lives up to it ethical slogan.”
Steven Peck, property finance manager at The Co-operative Bank’s Manchester property team, said: “Gladman has been a client of the Bank for over seven years and our ongoing funding of the business is proof positive of the benefits of our strategy of developing long-term relationships.
“This funding arrangement shows that even in today’s uncertain economic climate, we’re still very much open for business and lending to quality businesses with impressive corporate strategies, such as Gladman.”
