Spencer buying spree begins with Ellesmere Port park

Spencer Holdings has acquired the Olympic Park industrial estate in Ellesmere Port from the local authority for £1.25m as it launches an expansion phase backed by the Bank of Scotland.

Jim Spencer's Knowsley-based group has raised £200m of debt from the bank to grow its nationwide portfolio from 4m sq ft to 6m sq ft by 2012.

The firm has acquired the freehold interest for the 87,000 sq ft multi-unit park from Ellesmere Port & Neston council. Olympic Park is opposite Pioneer Point by Junction 7 of the M53 and close to fully let.

Chris Hughes, property and marketing director at Spencer Holdings, said: "Spencer Holdings is bucking the trend with its rigorous acquisition and expansion programme and the investment from the Bank of Scotland shows they have confidence in our growth strategy."

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