Preston-based Eric Wright Group Ltd, is to target new land acquisitions and property development opportunities following £5 million in funding from Santander Corporate & Commercial.
With origins dating back to 1923 and now operating via a number of subsidiaries, Eric Wright has grown to become one of the largest diversified property firms in the North West. Amongst other projects, in January this year the group’s subsidiary, Maple Grove Developments, sold a 326-student housing development in York to McLaren Property and Eric Wright Construction was given the green light to build Cumbria County Council's new headquarters.
The firm’s civil engineering division has enjoyed strong growth, with turnover up 11.5% year-on-year to £29 million as at the end of 2013, while its residential division saw turnover double over the same time period. Turnover for the group’s construction division – its largest division by revenue – held steady at £101 million for the year to December 2013.
The Eric Wright Group, whose turnover was £153 million as at the end of 2013, will use the funding from Santander Corporate & Commercial to support the acquisition of new landbanks for development, help expand its fast-growing residential property unit, and also help capitalise on opportunities in the public sector, including from the NHS.
Jeremy Hartley, Group Managing Director, Eric Wright Group Ltd, said: “Having restricted capital expenditure through the economic downturn, we are now in a position to consider expanding and this new facility provides the group with the appropriate financial infrastructure on which to undertake such growth. Whilst our focus will remain the North West we will also look for suitable opportunities across the wider region if they arise.”
Matt Jones, Relationship Director, Real Estate Team, Santander Corporate & Commercial, said: “We’re delighted to be able to support such a prestigious and well-run company which, in our view, is set for a period of strong growth. We have delivered a suitable funding package fine-tuned to the needs of the business and I’m wholly confident that the Eric Wright Group will continue to grow and be highly successful.”
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Notes to editors
For media enquiries regarding Eric Wright Group please contact Jeremy Hartley on 01772 694 641
For Santander Corporate & Commercial media enquiries, please contact:
Bijal Tanna 020 7756 4189 Mobile: 07860 259 217
Andy Smith 020 7756 4212 Mobile: 07824 473 338
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