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Shepherd signs £90m refinancing deal

Shepherd Building Group has signed a £90 million refinancing deal with HSBC, which it claims will allow it to take advantage of opportunities in the market place as the economy recovers.

A statement released by the bank said the agreement would incorporate an increase in committed lines from the bank to support the York-based business to pursue its growth plans.

Shepherd group finance director Terry Smith said: “This extensive facility provides us with the flexibility to invest in our business over the coming years. Despite challenging market conditions, we remain well capitalised, and as such we are delighted to be in a position to pursue growth plans.”

HSBC senior corporate banking manager for Yorkshire and the North-east, David Gregson, said: “The facilities – which recognise the group’s financial strength and standing - will allow the management team to pursue their business plans from a sound base and enable them to capitalise on opportunities across their diverse operations.”

The company was a creditor of the Trinity Walk shopping centre in Wakefield, which was placed into receivership earlier this year.

While its construction arm made a loss last year, that was offset by record results in the manufacturing and engineerings divisions. The group’s 2008 pre-tax profit was £22.9 million, down from £42.2 million the year prior.