Property lender PMJ Capital has completed the final phase of a £466,000 flexible 12-month funding package to assist developer Bearmont Capital with retail acquisitions across the North West and Wales, and fit-out costs.
Bearmont is working in partnership with disability charity Sense. All the retail outlets will raise funds to support people with complex disabilities.
David Rainford, managing director of PMJ Capital, commented: “We agreed the first deal for a Sense store in Newport earlier in the year, before the Coronavirus pandemic. Retail has been hit hard since then but despite the challenges, we stuck to our commitment and didn’t vary on the terms we had originally agreed.”
Over the course of the last few months PMJ has been working closely with Rob Lloyd, managing director of Bearmont supporting him on a further three acquisitions in Wallasey, Ebbw Vale and Caernarfon, and discussions are ongoing for further outlets.
Rob Lloyd commented: “Without the support from Dave and the team at PMJ, our work with Sense could not have been achieved. PMJ has provided the support and the certainty we very much needed; this has been crucial to the success of the programme.”
He continued: “Not only is this project creating jobs and making use of empty town centre premises, it is supporting some of the most vulnerable people. The shops will be able to assist those people and will generate revenue that will be pumped back into the communities, and we are proud to be a part of that.”
David Rainford of PMJ added: “If you put retail and Covid in the same sentence many lenders would have run a mile. We wanted to ensure that we continued our support to Bearmont Capital because we completely bought into Rob’s strategy and the partnership he had forged with Sense.
“It is not only exciting but rewarding to see vacant premises on the high street occupied once more. We look forward to building on our relationship with Rob and his team.”