Rigby secures £3.5m funding package

The property arm of Blackpool-based The Rigby Organisation has secured a new £3.5m finance package which will allow it to invest in developing its portfolio.

The R-Group of Companies operates a portfolio of property interests across Preston and the Fylde coast. The funds will be used to develop the site of the former Bonds ice cream parlour at Elswick as a small residential development, alongside other commercial, agricultural and leisure properties.

The funding includes finance from specialist lender HS Credit, the UK subsidiary of Malaysia’s Hap Seng Group and brings significant property experience to the relationship.

The deal was led by the debt advisory team at FRP, and is the second transaction the team has supported Rigby on in less than four months. In September, FRP advised Rigby Commercial on securing a £5.6m finance package from HS credit, having supported the property manager in securing HS Credit as a long-term funding partner.

Tom Flack, group finance director at Rigby, said: "We initially sought new backing just prior to the onset of Covid-19 in the UK, and our long-term relationship with HS Credit will allow us to invest in our portfolio of commercial, agricultural and leisure property assets, as they target future growth and trade out of the pandemic.”

Andy Pickford, debt advisory director at FRP, added: “We’re pleased to have supported R-Group on securing its latest funding milestone, and to see the relationship between the Rigby team and HS Credit go from strength-to-strength. As a well-capitalised lender, HS Credit also has longstanding property expertise and a growing presence in the North West, complementing Rigby’s ambitions in the region."

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