Co-op/RBS agree £25m loan with Gladman

Congleton-based Gladman Developments has secured a £50m refinancing agreement with The Co-operative Bank and Royal Bank of Scotland.

RBS and The Co-operative Bank is providing £25m in a joint funding arrangement with the commercial property developers.

Gladman said the new facilities will be used to build specialist retirement apartments under Gladman's Adlington brand and continued development of offices under the Gladman brand.

Established in 1987, Gladman has an annual turnover of £60m and 50 employees and has been a client of The Co-operative Bank since 2004.

Steven Peck, property finance manager at The Co-operative Bank's Manchester property team, said: "This funding arrangement shows that even in today's uncertain economic climate, we're still very much open for business and lending to quality businesses with impressive corporate strategies, such as Gladman."

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