Eric Wright agrees £35m refinancing package

23 February 2018 09:16 Comments (0)

Bamber Bridge-based Eric Wright Group has agreed a refinancing deal with RBS with an increased funding package of £35m to help support its pipeline of projects across the North West.

The group, which employs around 645 people across the region and is working on high-profile projects including the £16m revamp of Chorley town centre; a £25m, 3.5-mile tramway in Preston; and the £430m Cuerden strategic site south of Preston through its Maple Grove Developments arm.

In its most recent full-year accounts, covering the 12 months to 31 December 2016, the group reported a turnover of £201.4m and a pre-tax profit of £7.4m.

However, the group’s construction arm reported a £1.4m pre-tax loss over the same period, on a turnover of £119.3m, after the business was hit by late delivery of two extra care PFI projects.

Other projects the company is working on include Vesta, Manchester Life’s latest housing project in New Islington; and the £4.3m Cotton Square project in Ancoats.

Jeremy Hartley, group managing director of Eric Wright Group, said: “The increased facilities provided by Royal Bank of Scotland will ensure our business continues to grow and deliver its strategic objectives across all its areas of activity.

“The pipeline of future projects is very exciting and the renewal is timed extremely well to support the future development of the business.”

Andy Clarke, director of Royal Bank of Scotland Real Estate Finance, added: “2018 looks set to be an excellent year for Eric Wright Group as it drives forward its ambitious growth plans. It is very rewarding to have supported them on this journey.”