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£25.5m facility for housebuilder

Bank backs Bancon in boost for north east

John IrvineHousebuilder, Bancon Group, has secured a £25.5million banking facility in what is seen as a vote of confidence in the tough north east Scotland market.

Santander became Bancon Group’s primary funder in 2014 and this new three year deal will allow Bancon to continue investing in the region.

Bancon chief executive John Irvine said: “There is no doubt that the Aberdeen housing market is depressed and, like all housebuilders in the region, we are feeling the impact of that to some extent.

“However, there are still opportunities for the right developments as demonstrated by our site launch at Oaklands, Banchory where the first phase has just sold out in three weeks, with ongoing strong interest in future releases.

“In addition our other sectors continue to show good levels of activity across Scotland and the North of England as evidenced by recent significant contract wins in our construction and timber frame businesses.”

Bancon Group embarked on a five year growth strategy in 2015 after Mr Irvine joined from fellow north east group Stewart Milne.

Other appointments included new directors at finance, construction and land as the group was restructured to strengthen the management team. It also lured Philip Hogg from Homes for Scotland to become managing director of the housing business.

By obtaining appropriate funding the group feels it is in a strong position to deliver that growth.

 

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