Bulletin

Bancon secures £25m facility

Construction - Bancon has extended its relationship with Santander - SantanderCB

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.

Other Articles

This International Women’s Day, our analysis reveals a continuing untapped potential and huge opportunity when it comes to women in…

London

London-based ACT Clean has secured private investor backing for a £10.2 million management buyout.

Bulletin
Spain

Santander takes 12 UK food and drink manufacturers to Spain on one of our successful trade missions. Adam Payne in the international team…

This International Women’s Day, our analysis reveals a continuing untapped potential and huge opportunity when it comes to women in…

London

London-based ACT Clean has secured private investor backing for a £10.2 million management buyout.

Bulletin
Getting a taste for Spain!

Santander takes 12 UK food and drink manufacturers to Spain on one of our Trade Missions. Alicia Ferrero Vega in the International team…

Bulletin

Where Next?