A&J Mucklow borrows another £20m from Lloyds Bank

BLACK Country property developer and investor A&J Mucklow Group has been provided with a new £20m loan on a ten year term by Lloyds Bank Wholesale Banking & Markets.

The new funding will enable the firm – which celebrates its 80th anniversary next year – to make acquisitions within its key markets, which include the industrial sector.

Richard Round, relationship director for Lloyds Bank Real Estate in the Midlands, said: “We’re delighted to further strengthen our relationship with A & J Mucklow Group plc, one of the Midlands foremost property companies.

“This loan increases Lloyds Bank’s funding to Mucklow to £40m and demonstrates our commitment to lending to the property sector and our relationship-based approach.”

David Wooldridge, finance director at A & J Mucklow, added: “We were looking to refinance some recent property investments with longer-term funding and we were delighted that Lloyds Bank was able to offer a £20m, ten year, fixed rate loan.

“The funds have been used to pay down existing revolving credit facilities, allowing us the flexibility to continue to acquire further investment properties.”

In September Mucklow said it wouldn’t be considering any new speculative development until market conditions improve.