Bancon secures £25m facility
Scottish construction group Bancon has extended its relationship with existing lender Santander and secured a £25.5m banking facility that will help it overcome the 'depressed' marketplace in the region and target growth opportunities.
Bancon switched to the bank in 2014 after its previous lender, National Australia Bank, forced it to refinance. NAB, the former owner of Clydesdale and Yorkshire banks, had divested its UK property lending in the wake of the banking crisis.
Bancon CEO John Irvine said the extension would give the business 'a strong foundation' while acknowledging 'the current economic climate in the north-east of Scotland'.
He 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.'
Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.
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