SOUTH Staffordshire property firm the Anglesey Group has secured new financing worth £6m from HSBC.
The management, development and investment company was launched last month as part of a restructure at Hednesford-based Pritchard Group, and has immediately taken over the management of more than 200 properties.
It is being led by Jonathan Pritchard, son of well-known property entrepreneur Fred.
Mr Pritchard snr and chief executive Charles Tippet will take forward the new strategy for The Pritchard Group, seeing the company create joint venture partnerships to pursue its property development projects while managing the current investment portfolio of industrial, commercial and residential properties.
The Anglesey Group will manage the Pritchard family assets with both companies continuing to be based in Hednesford.
These include 122 properties – split 60/40 residential and commercial – in and around Cannock, Bridgtown and Hednesford.
Iain Harrison and Sarah Thawley at Clarke Willmott solicitors in Birmingham advised on the refinancing deal.
Jonathan Pritchard said: “For me this is the start of a new era. We have got a five-year business model for improving the portfolio, refurbishing and trading certain assets to create a more profitable, stream-lined organisation.
“We have been working on the finer details of the restructure for five months and spoke to various lending institutions, eventually choosing to partner with HSBC under the watchful eye of Neil Mullett, their senior commercial real estate manager in Birmingham.”
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