Conygar agrees debt facility with HSBC

Conygar Investment Company, active on projects across North Wales, has agreed a new five-year £21.4m loan with HSBC, secured on seven group properties.

The loan replaces a previous facility with Barclays, secured upon six of those seven assets, on which the outstanding balance of £8.3m was repaid in October.

Robert Ware, chief executive of Conygar, said: “We are pleased to secure the refinancing of this portfolio which has released an additional £13m to enable Conygar to pursue new investment and development opportunities. We believe that this financing deal is a competitive one and we look forward to working with HSBC in the coming years.”

Announcing its interim results in May, Conygar posted a pre-tax loss of £2.1m for the six months to March 2016.

It has been working with Stena Line on the £100m redevelopment of Holyhead marina, a project including homes, offices and hotels.

Conygar also lists Parc Cybi, a 120-acre development area on the edge of Holyhead, among its development projects. It has consent for 30,000 sq ft of offices and 109,000 sq ft of industrial development in the first phase.

In October 2015, the business acquired the 200-acre former Shell storage facility at Rhosgoch, Anglesey, for £3m, with the intention to market the site for development linked to the nearby Wylfa nuclear power station.

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