Ethel Austin Properties Holdings has refinanced with a new £100m funding facility agreed with its longstanding banking partners, Royal Bank of Scotland and Lloyds Banking Group.
EAPH, which represents the property pension interests of the Austin family, has also completed a restructuring of its board, with deputy finance director, Richard Crocker, becoming managing director and chief financial officer. Crocker, a chartered accountant, joined the company five years ago from MBNA Europe.
Barry Owen remains as executive chairman of EAPH, while former finance director, Andrew Lovelady, has moved to the role of non-executive director alongside longstanding non-executive directors, Peter Bullivant and Stephen Laing.
Crocker said: "The board and I are glad to have agreed this new funding structure with our existing lenders, who have been supportive of the company over the last six years. The deal enables us to move forward with a consolidated portfolio of quality investments.
"While the outlook for the commercial property market remains challenging, we are now on a solid financial footing and in a position to capitalise on improvements in conditions as they gradually begin to emerge."