Member Article

Property firm gets £50m backing

A national property firm with a key office in Northumberland has secured a £50m refinancing deal to build more flats and commercial developments.

Gladman, which has an office in Cramlington as well as in Scotland and in Cheshire, received the backing from The Co-operative Bank and the Royal Bank of Scotland which are each providing £25m over two years.

Established in 1987, Gladman has an annual turnover of £60m with 50 employees.

Finance director Jon Shepherd said: “Office developments are our core product. The market is very difficult at the moment, but we have some areas where it is still prosperous, like Aberdeen.

“We are continuing to build on sites which we own and have planning permission at ones including Wakefield, Newcastle and Portishead.

“We are not actively looking for commercial land at the moment as we have sufficient land banks to see us through as the recovery continues, but we are looking for land to develop more retirement apartments.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .