Santander adds £5m to Eric Wright buying pot

Preston-based Eric Wright Group has secured a £5m funding package from Santander two months after agreeing a £20m facility with the Royal Bank of Scotland.

The diverse construction, development, engineering and facilities management firm said it will use the additional cash to acquire land and property development opportunities, especially in the residential and healthcare sectors.

The Eric Wright Group turned over £153m in 2013. Jeremy Hartley, group managing director of Eric Wright Group, said: "Having restricted capital expenditure through the economic downturn, we are now in a position to consider expanding and this new facility provides the group with the appropriate financial infrastructure on which to undertake such growth. Whilst our focus will remain the North West we will also look for suitable opportunities across the wider region if they arise."

Matt Jones, relationship director in the real estate team at Santander Corporate & Commercial, said: "We have delivered a suitable funding package fine-tuned to the needs of the business and I'm wholly confident that the Eric Wright Group will continue to grow and be highly successful."

Dean Gormley, partner in banking and finance at law firm Irwin Mitchell, advised Santander.