Property developer completes new scheme after Lloyds funding

A TEAM of property developers in Herefordshire have completed the refurbishment of their fourth property after securing a six-figure banking deal.

Playle and Clipson Developments, a property development company established in Madley 2007, has transformed Glynfield Barn into a character modern home. Owners Paul Playle and Allison Clipson have also refurbished the 570 sq ft outbuildings on the accompanying land into smart office space, which are joined by a 1980 sq ft barn workshop.

The company approached long-term banking provider Lloyds TSB Commercial, which provided funding support for the purchase and conversion of the property.

The year-long project followed on from the firm’s redevelopment of an abandoned cottage and the build of two new homes in the attached garden; a scheme that was also financed by the Lloyds TSB Commercial team.

Following the sale of the Glynfield Barn the business, which sub-contracts any plastering and electrical work to local professionals, will look to identify its next redevelopment project.

Allison Clipson, co-owner of Playle and Clipson Developments, said: “We began our first project just as the economic downturn hit. Despite unfavourable conditions, it sold quickly, as did the second property that we constructed, and we were fortunate to sell the third property off plan.

“The success of this project encouraged us to invest in the barn in Woonton, which has taken us a little over a year to complete because we stripped it right back to its original stone walls.

“The funding support from the Lloyds TSB Commercial team has been instrumental to the continuation of our business, and their guidance has given us the confidence to progress to bigger projects in the future.”

Lucia Scott, relationship manager at Lloyds TSB Commercial, said: “The quality of the build and attention to detail shown by Playle and Clipson Developments is so high that despite the uncertainty of the property market, the developments are selling and at a profit, which is a credit to their commitment to each project.

“Paul has over 30 years’ experience in the building industry which helps to keep costs low and allows the business to have full control over each detail of the build. They look to create homes whilst utilising local businesses.”