Property developer Scarborough Group secures £7m funding

International property developer Scarborough Group has secured £7m of funding from lender Shawbrook Bank to support its interests and facilities.

By The Newsroom
Sunday, 14th October 2018, 12:26 pm
Updated Sunday, 14th October 2018, 12:28 pm
Manjit Virdee helped ensure the funding deal completed smoothly.
Manjit Virdee helped ensure the funding deal completed smoothly.

The loan is the largest commercial mortgage provided by Shawbrook in the region to-date and will help Scarborough Group to finance property developments in the cities of Manchester, Leeds and Sheffield.

Jeremy Tutton, financial director at Scarborough Group, said the company quickly built up a strong relationship with the regional Shawbrook team.

He added: “We wanted to avoid overcomplicating the transaction as our priority was to get the job done quickly and efficiently, which is exactly what we achieved.”

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Mark Heyes, senior relationship director at Shawbrook Bank, said: “From our base near Leeds it was simple to spend time face to face with the client, getting to know the SG (Scarborough Group) team, their current portfolio and their plans for growth.”

As well as supporting its expansion plans, the funding line from Shawbrook will provide additional working capital headroom for Scarborough Group.

Solicitors Schofield Sweeney helped complete the deal. Manjit Virdee, real estate finance partner at Schofield Sweeney, said: “The business owns a number of well-known landmarks in Sheffield and through Kevin McCabe are part-owners of Sheffield United, so understandably we were delighted to be able to offer our council and expertise to ensure the deal was completed smoothly.”