FRP’s Debt Advisory team has helped Rigby Commercial, the property arm of Blackpool-headquartered The Rigby Organisation (Rigby), secure a new £5.6m finance package.
The North West property manager, which operates a portfolio of more than 50 commercial and residential properties around Preston and the Fylde coast, has refinanced with the support of specialist lender HS Credit. The Stockport-based company is the UK subsidiary of Malaysia’s Hap Seng Bank and brings significant property experience to the relationship.
FRP said the long-term financing will enable Rigby to invest in its buy-to-let portfolio while continuing to support commercial tenants as they implement their individual growth strategies post-Covid.
The deal was led by its Debt Advisory team, which had been briefed to help Rigby secure a new long-term funding partner following a short-term bridge lending agreement.
The team was introduced to Rigby prior to the outbreak of Covid-19, when a planned deal with another funder was secured by FRP. However, following a pause in proceedings due to the pandemic, an alternative lender was sought, with the team then introducing Rigby to new market entrant HS Credit.
Tom Flack, group finance director at Rigby, said: “Our commercial and residential property offering has long been an important part of the wider group and enabled us to invest for the future.
“Having initially sought new backing just prior to the onset of Covid-19 in the UK, we’re extremely pleased to be working with HS Credit as we continue to support our tenants – many of which are independent retailers – as they begin to trade out of the pandemic.”
Andy Pickford, Debt Advisory director at FRP, said: “This deal marks the start of a new relationship between one of the North West’s most diverse and entrepreneurial organisations and a well-capitalised lender that continues to increase its presence in the region.
“Due to the uncertainty created by Covid-19, commercial real estate has naturally been a challenging arena in which to negotiate and secure funding in recent times.”
“He added: “However, this deal is indicative of the growing stability in the market, with HS Credit and its specialist property expertise likely to play an important role in the long-term plans of Rigby Commercial and the wider Rigby Organisation.”