Bancon Group supported by £25.5m banking facility

Bancon Group supported by £25.5m banking facility

Aberdeenshire housebuilder and construction provider Bancon Group has secured a £25.5m banking facility with Santander, allowing it to invest in its key markets.

Santander became Bancon Group’s primary funder in 2014 and this new three year deal confirms the bank’s confidence in the Aberdeen market.

John Irvine, chief executive of Bancon Group, said: “This new facility underscores Santander’s confidence in our strategy and the opportunities we are pursuing in the local market and further afield.

“Our management team has built an excellent relationship with Santander and this new deal provides a strong foundation to deliver our plans, which take recognition of the current economic climate in the North East of Scotland.”

Bancon Group embarked on a five year growth strategy in 2015 with Mr Irvine’s appointment and has completed a restructure across the group and made several senior appointments to strengthen the management team

Thanks to the funding, the group are set to deliver further growth.

“There is no doubt that the Aberdeen housing market is depressed and, like all housebuilders in the region, we are feeling the impact of that to some extent,” added Mr Irvine.

“However, there are still opportunities for the right developments as demonstrated by our site launch at Oaklands, Banchory where the first phase has just sold out in three weeks, with ongoing strong interest in future releases.

“In addition our other sectors continue to show good levels of activity across Scotland and the North of England as evidenced by recent significant contract wins in our construction and timberframe businesses.”

 

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