A West Yorkshire manufacturing giant has secured a £1.7m bridging loan from Recognise Bank to snap up two crucial industrial units at its site. The move, facilitated by Mark Jerman at Watts Commercial Finance, will enable the company to bring all five operational units under one roof, strengthening its balance sheet and securing long-term stability.
The manufacturer, boasting over 35 years of trading history, employs more than 100 staff and exports goods globally. Its acquisition plans underscore the company's importance to the regional economy, which it has served for decades.
This strategic step is a calculated move to bring its entire manufacturing base under full ownership. Recognise Bank structured the £1,697,500 bridging facility over an 18-month term at a 67% loan-to-value ratio on a serviced basis, giving the company breathing space to arrange long-term banking solutions.
Paul Bagan, lending manager at Recognise Bank, noted that aligning short-term acquisition finance with future banking needs was crucial. He praised the collaborative approach taken by his team and Watts Commercial Finance to deliver a facility that met the client's needs.
Mark Jerman of Watts Commercial Finance echoed this sentiment, highlighting the complexity of the deal and Recognise Bank's ability to provide certainty for the client's strategic plans. The transaction reflects ongoing trends in commercial finance, where owner-occupier acquisitions remain a key component of property ownership patterns.