Reward supports business park redevelopment and regional expansion with seven figure funding deal
Reward Funding has continued its support of Cleator Mills Business Park with an increase to its existing facility, unlocking capital from the newly completed development to fund new acquisition and housebuilding opportunities across South West Scotland.
Reward’s initial seven figure funding supported the redevelopment of Cleator Mills Business Park, a disused site with a derelict mill. The initial deal sparked a strong working relationship with the client and saw the completion of part of the site allocated to Speedy Hire. This was quickly followed by Reward’s support for the redevelopment of the original mill, further to an agreement for lease with REACT Engineering. The Speedy asset was sold and the first facility was almost fully repaid.
The mill is now completed and tenanted, with funding leveraged against the asset, allowing the client to fund other external projects. The latest advance represents a seven figure increase to the existing facility and is expected to be formalised into a longer-term structure in the near future.
This advance also marks the third stage of funding support, demonstrating Reward’s ability to back clients through acquisition, redevelopment and reinvestment. The additional capital will enable the client, a property developer and investor specialist, to release capital from the now-completed development and redeploy it into further projects, including the acquisition of a new business venture.
Mark Walker, managing director of Cleator Mills Business Park, said: “Reward was the obvious choice for a funding partner from day one. The original deals helped us acquire and develop Cleator Mills into a thriving commercial site. The mill has brought immense value to the community, developing a run-down derelict site into an attractive commercial space, including a café that is open to the public, bringing jobs to the local area.”
“Reward’s willingness to increase our facility at this stage reflects the strength of our relationship and their confidence in our track record to date. The additional funding will support our next phase of growth, including some housebuilding development opportunities in a new region.”
Gareth Boardman, relationship manager for Reward Funding, added: “We’re very pleased to continue our support of Mark and Cleator Mills. The transformation of the site has been truly remarkable, with the completion of high-quality units and high-value tenants generating strong
rental income. This is a reflection not only of our client’s ability to deliver high-quality projects, but also the vision to achieve such an impressive outcome.”
“We’ve backed this project from acquisition, through development and now to stabilised income. Because we understand both the asset and the operator, we can move quickly to support businesses when the next opportunity appears.”