Rigby Commercial secures £5.6m finance package

Rigby Commercial has secured a new £5.6m finance package to invest in its buy-to-let property portfolio.

The company is the property division of The Rigby Organisation, based in Blackpool, and currently manages more than 50 commercial and residential properties across Preston and the Fylde coast.

The long-term financing has been provided by Stockport-based funder HS Credit, and was arranged with the support of specialist business advisory firm FRP.

It will enable Rigby to invest in its buy-to-let portfolio, while continuing to support commercial tenants as they implement their individual growth strategies post-Covid.

Tom Flack, group finance director at Rigby, said: "Our commercial and residential property offering has long been an important part of the wider group and enabled us to invest for the future.

"Having initially sought new backing just prior to the onset of Covid-19 in the UK, we’re extremely pleased to be working with HS Credit as we continue to support our tenants – many of which are independent retailers – as they begin to trade out of the pandemic."

Andy Pickford, debt advisory director at FRP, added: "Due to the uncertainty created by Covid-19, commercial real estate has naturally been a challenging arena in which to negotiate and secure funding in recent times.

"However, this deal is indicative of the growing stability in the market, with HS Credit and its specialist property expertise likely to play an important role in the long-term plans of Rigby Commercial and the wider Rigby Organisation."