Hurstwood completes £90m refinancing

MANCHESTER-based property investor Hurstwood Holdings has agreed a new three-year deal with its club of five banks to renew debt facilities worth £90m.

The firm, which owns more than 100 properties throughout the North West, Yorkshire and Wales, is funded by Royal Bank of Scotland, The Co-operative Bank, Santander, Bank of Ireland and Yorkshire Bank.

Hurstwood chairman Stephen Ashworth said: “For any business to get committed funding in these difficult times is not easy but even more so in the property sector.

“This is quite an achievement and shows the confidence that the five Banks have in Hurstwood and its experienced, capable and loyal team.”

Hurstwood managing director Andrew Park said: “Whilst this deal is secured for three years, there is still a lot to do and many challenges to face but it provides Hurstwood with the stability to continue with our core principles of investment and even some selective development.”

Hurstwood relocated from Bolton to offices at No 1 Marsden Street, in Manchester city centre late last year.