Landmark secures new finance deal
Landmark Investments Group (Landmark), the Bolton-based ground rent specialists, has completed the creation of a £4.5 million funding vehicle as the firm embarks on its next stage of national portfolio growth.
Following a two-year project involving a multi-disciplinary team from Cowgill Holloway Chartered Accountants, Landmark is now underway acquiring sites from a range of developers nationwide.
The initial stage of the fund with Yorkshire Bank will provide Landmark with an additional £4.5million to invest in ground rents nationwide, with a further £50million in the second phase of the funding partnership.
Since the economic downturn of 2007/08, Landmark has seen a 458 per cent growth in profits,. This year, the company recorded a 33 per cent increase in profits following the company’s increased ground rent management and insurance portfolio and expansion of client services.
Mark Hawthorn, director, Landmark, commented: “This tranche of funding is positive result on several counts, after what has been a demanding and dedicated project by all involved. The fund cements Landmark’s leading position in a niche sector and demonstrates the stable and valuable nature of our business. We are looking to launch our second, larger phase, early Summer.”
Stuart Stead, Property Partner at Cowgill Holloway, said: “To access this level of finance, on reasonable terms, in the current market is equivalent to raising £50m in the boom years. We are pleased to have been involved and are fortunate to be able to draw on a wide range of internal resources and experience to assist in this type of transaction. We are now looking forward to working on the second, larger phase”
Landmark was represented by Barry Stimpson at DAC Beachcroft LLP.
The information was correct at time of publishing but may now be out of date.