Skelwith Group’s £50m boost to help fund new projects
THE developer behind plans to create 47 new flats in Rougier Street is eyeing up new projects after securing £50 million funding.
The deal is the latest in a line of funding agreements between the two companies, which are both based in York, having previously worked together on the Raithwaite Estate, near Whitby, as well as Skelwith’s current project to redevelop the former Aviva office in Rougier Street into new apartments, work on which is set to start in April.
Grosvenor, which specialises in offering funding solutions to developers, through syndicating clients’ cash and pension funds, also provided the funding for Skelwith’s Poppleton garage scheme, which will see a new drive-through restaurant and an enlarged shop and petrol station, including a new access from the A1237.
The latest £50 million funding deal will be used by Skelwith to work on future developments, details for which are yet to be revealed.
Paul Ellis, managing director of Skelwith, said: “Our company has grown throughout these difficult economic times by working closely with Grosvenor and being innovative with funding for sites.
“We are in discussions on a number of new high-profile projects that are in the pipeline and will be revealed shortly highlighting our belief and continued investment in the city.
“This funding programme will allow us to create significant developments that will boost the local and regional economy. In these uncertain economic times, and with the continued difficulty dealing with the main stream banks this is great news for everyone involved.”
Mark Pepper, founder of Grosvenor Financial Services, added: “It is very exciting times for both companies and we look forward to helping to deliver some very high profile schemes in the coming months and years.”
Skelwith is also currently developing the Flaxby Country Resort, near Knaresborough.
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