Barlows plans portfolio expansion with £10.5m funding
A PROPERTY investment group, led by the the chairman of construction group Pochin’s, has secured a £10.5m finance package from the Co-operative Bank.
Chester-based Barlows plans to use the revolving credit facility to buy new development sites. The finance also extends to its Autozone subsidiary which is developing car showrooms on a seven-acre site at Chester’s former cattle market.
The business, headed by Richard Fildes, was founded in 1909 and taken private in 2001. It specialises in the development, investment and management of mixed-use commercial property, particularly in the North West.
Charles Shepherd, property director at Barlows, said: “We are delighted to have secured this new funding package which will help underpin our future strategy and provide ongoing support for our search for new opportunities.
“It strengthens our long standing relationship with The Co-operative Bank and we value its continued support at a time when the finance market remains tightly constrained.”
Steven Peck, senior manager in the Property Finance Unit at The Co-op, said: “Barlows has a clear and robust business plan and we pleased to be providing the support to help it release its ambitions.
“This transaction further illustrates our approach of developing strong relationships with our customers and how we continue to maintain our consistent support to business.”
The Co-operative Bank has provided banking facilities to Barlows since 2002 and has now become its main banking provider.
