CityBlock agrees £16m RBS facility

The Lancaster-based student accommodation provider has agreed £16.2m of finance with the Royal Bank of Scotland.

CityBlock manages three blocks in Penny Street in Lancaster with around 150 en-suite bedrooms.

CityBlock also has two properties in Leicester. The company was established 10 years ago by Trevor and Alison Bargh.

The financing agreement will support CityBlock's continued business development across the country.

Trevor Bargh, chief executive of CityBlock, said: "The demand for student accommodation continues to grow and as a business we want to position ourselves as a leader in providing high-quality accommodation to students. RBS has shown a commitment to supporting our business growth aspirations and we have been impressed by their, responsiveness and by their interest and enthusiasm for our business."

The agreement was made with RBS's Greater Manchester real estate team.

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When I began my University education in 1950 we were allowed two years in my University’s very pleasant Halls of Residence which provided excellent accommodation and full board at an economical cost easily covered by my local authority modest student grant. Thereafter we shared reasonably cheap flats in private accommodation around the university. Our Vice Chancellor did lend me £60 to help me finish my final (5th) year (which included a weekly allowance for ten "Woodbine" cigarettes) all of which was paid back within weeks of graduating and immediate employment. The present exploitation of students in the UK is simply disgraceful and the present widespread profiteering by developers simply disgusting!!!

By Des McConaghy