'Strategic investment': Preston company dating back to 1923 secures £30m development funding
A Preston-headquartered property company, which has roots tracing back to 1923, has secured a £30m funding package from NatWest to drive regional development.
Eric Wright Group has grown into a regionally significant operator with more than 1,000 employees and a turnover of almost £300m. Its eight divisions work collaboratively across sectors including residential and commercial property, highways and public realm, healthcare, education and water management.
The £30m revolving credit facility will be instrumental in supporting the cash flow for the group's ongoing investment and development activities. A key area of focus is the development of high-quality care homes under its Wrightcare brand, which recently opened its first care home, Castlewood in Clitheroe.
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The second care home is currently under construction in Grimsargh, Preston.
To facilitate the deal, NatWest were provided legal and valuation advice from Addleshaw Goddard and Cushman & Wakefield, with Hill Dickinson providing legal advice to Eric Wright Group.
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Gill Chadwick, group chief financial officer at Eric Wright Group, said: "Our commercial success goes hand in hand with creating meaningful benefits for the communities we serve. This £30m facility from NatWest is vital for empowering our future projects, including constructing essential care facilities.
"The continued support from NatWest, a trusted partner for over 40 years, reflects their confidence in our vision of building a better, more sustainable future."
Andy Clarke, director, corporate real estate finance at NatWest, added: "Our continued partnership with Eric Wright Group is a testament to our commitment to supporting businesses with strong community foundations. Their unique 'profit for purpose' model is an exemplary way of aligning commercial success with social value, a collaboration that resonates with our own core principles.
"This funding package is designed to provide the flexibility they need to achieve planned strategic investment and development. We are confident this funding will underpin their continued growth and further enhance their positive contribution to the North West."