LJMU forges its future with £60m loan

LIVERPOOL John Moores University has secured £60m funding to develop its facilities.

It has secured the loan from Barclays Corporate to ‘modernise’ and create a ‘more efficient’ site over the next four years.

Around £35m of the funding will be used to build a new facility on Clarence Street allowing several existing buildings – which are owned and rented – to be amalgamated.

The investment is part of a 10 year initiative which will see the university invest a total of £180m in Liverpool.

The recent completion of the Tom Reilly Building and the Art and Design Academy marks the conclusion of the first stage of the plans.

Vice-Chancellor Professor Michael Brown said: “Securing funding specifically for our needed physical developments, especially with current market conditions, demonstrates the strength of LJMU’s balance sheet and a great confidence in the university.

“Even in short-term difficult financial circumstances, investment decisions must be taken to deliver efficiencies and to secure future success, given that such investments are made and serviced over a period of more than 20 years.

“It is a confidence that we share – we know we can achieve our aims and we are committed to contributing towards Liverpool’s and our students’ successful futures.”

Paul Levet, relationship director for the education sector at Barclays Corporate, said: “As part of our commitment to the education sector, we have provided a flexible finance facility, enabling the University to manage their campus improvements without concerns over property sales and with specialised treasury advice to help manage future rate risks.

“The support for LJMU underlines our commitment to helping both existing and new customers with their financial requirements, ensuring they are supported during the current economic downturn.”