A BLACKPOOL property company has completed a £5m funding package for growth.
Melrose Investments Ltd, which specialises in investment and bespoke retail, residential and office construction for a range of customers, secured the funding package with assistance from Fylde coast advisors.
The property group, founded 20 years ago, works with clients such as supermarkets, schools and social housing associations – a growth sector for the business.
It operates a portfolio of more than 100 residential and commercial units.
These include the 200-year-old Marsh Mill in Wyre, a restored mill complex which is now a craft village and office complex.
The company employs 10 staff at its headquarters, with a further 50 to 60 during construction projects, plus subcontractors.
Russell Dawson, financial director at Melrose Investments, said: “Melrose already has a very solid base and we needed some flexibility to continue our growth strategy which this new package supplies.”
He said Melrose had a strong financial base but the extra finance would allow several new projects to get under way.
“We have quite a few in the pipeline and this money allows us the flexibility to take on additional projects and move them on quickly.”
He said Chris Chadwick, who owns the business, had spotted early the opportunity to move into the social housing sector and they had worked with several clients including New Fylde Housing on projects such as Gulliver’s Court in Fleetwood and the conversion of the George in Kirkham into apartments. The finance deal came with assistance from the commercial property team at Napthens solicitors in Blackpool, and the Lytham branch of Handelsbanken. The Whitehills business park-based legal company secured the re-mortgaging to allow it to pursue growth plans.
Martin Long, commercial property partner and chairman of Napthens, said: “Melrose Investments boasts an expanding portfolio of quality investment properties, and this funding will give the business a platform for its exciting growth plans.”
Chris Strahan, branch manager for Handelsbanken in Lytham, added: “We are excited to be working with such a solid and well-established local business.”