Eric Wright Castlewood Care p Stripe Comms

Wrightcare's first care home, Castlewood in Clitheroe, is up and running. Credit: via Stripe Communications

Eric Wright renews terms with NatWest

The Lancashire property group has secured a £30m revolving credit facility with its long-term banking partner.

Bamber Bridge-headquartered Eric Wright Group said that the funding package will  provide essential working capital to support its wide-ranging development projects. NatWest has worked with the business for around 40 years.

EWG now boasts more than 1,000 employees and a turnover of almost £300m. The business is made up of eight divisions working across residential and commercial property, highways and public realm, healthcare, education and water management.

A key area of focus is development under the group’s care home brand Wrightcare, which has now opened a home in Clitheroe, has one under construction in Grimsargh, and has a third facility in the planning works in north Cheshire.

NatWest was advised by Addleshaw Goddard and Cushman & Wakefield, with Hill Dickinson providing legal advice to Eric Wright Group.

Gill Chadwick, group chief financial officer at Eric Wright Group, said of the deal: “Our commercial success goes hand in hand with creating meaningful benefits for the communities we serve. This £30m facility from NatWest is vital for empowering our future projects, including constructing essential care facilities.

“The continued support from NatWest, a trusted partner for over 40 years, reflects their confidence in our vision of building a better, more sustainable future.”

Andy Clarke, director of corporate real estate finance at NatWest, added: “Our continued partnership with Eric Wright Group is a testament to our commitment to supporting businesses with strong community foundations.

“Their unique ‘profit for purpose’ model is an exemplary way of aligning commercial success with social value, a collaboration that resonates with our own core principles.

“This funding package is designed to provide the flexibility they need to achieve planned strategic investment and development. We are confident this funding will underpin their continued growth and further enhance their positive contribution to the North West.”

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