North west property company Hurstwood has restructured its debt and reorganised its business.
The restructure comprises a £100m bilateral debt facility which has been provided by five banks – the Co-Operative Bank, Royal Bank of Scotland, Bank of Ireland, Alliance & Leicester and Yorkshire Bank.
Hurstwood has also simplified its group structure to focus on property investment and management. Chairman Stephen Ashworth remains the majority shareholder in Hurstwood.
Andy Park, managing director of Hurstwood said: ‘This agreement is a massive vote of confidence from the five banks who have collectively recognised that the management team at Hurstwood has the expertise and experience to manage the firm through an incredibly testing economic climate.’
‘While we certainly recognise that the market will continue to prove challenging over the coming months, critically, we now have a prudent and robust platform in place from which we can weather the storm.’
KPMG’s north west team advised on the restructuring.