New commercial acquisitions for Edinburgh property firm

15/08/2011

Clydesdale Bank has agreed a £2 million funding package with Edinburgh-based property investment firm The Afton Group.

The company, which owns a range of commercial and residential properties throughout Edinburgh, Glasgow and London, has used the funds to renew some of its existing debt facilities and to acquire two commercial properties in Edinburgh’s prestigious Morningside area.

Together, the two properties on Braid Road equate to approximately 1000 square feet of space. Tenants are being sought for one of the properties whilst the other has an existing leasing agreement in place. The Afton Group owns two additional commercial properties in the vicinity.

The Afton Group is a second generation family business which has been working in partnership with Clydesdale Bank since its inception in 1975.

Clydesdale Bank delivered the funding to the business as part of its Investing for Growth strategy - an initiative which helps successful businesses to grow.

The company’s managing director, Michael Tasker, commented: “"Though the Scottish commercial property market shows only initial signs of recovery, we were interested in acquiring these properties as they are ideal starter office units for local businesses.

“Since the business was established 36 years ago, Clydesdale Bank has provided ongoing and consistent support, helping us to achieve our growth ambitions.

“In looking to purchase the two new properties, Clydesdale Bank were very reasonable when it came to supporting the business, and we continue to be impressed by the access we have to key individuals at the Bank.”

Michael Mackie, business development partner at Clydesdale Bank’s Edinburgh Financial Solutions Centre (FSC), said: “The Afton Group is an established family business with a strong portfolio of commercial and residential properties across the city, in addition to others throughout Glasgow and London.

“We look forward to continuing to work with them as the business develops further over the long term.”

Clydesdale Bank launched its new business support initiative – Investing for Growth – to help successful businesses grow and develop. The support package offers both new and existing business customers a dedicated planning service and a more flexible approach to lending.

Loan repayment holidays, interest-only repayments and extended loan and credit facilities are just some of the flexible support options available under the Investing for Growth initiative which also includes a dedicated financial planning service.