Charles Street Finance has agreed a structured finance facility to support the growth plans of Welsh industrial estate owner SiteQuest Offices Ltd.
The facility includes a £2 million revolving credit facility, enabling SiteQuest to draw down funds with 48 hours’ notice over the next three years.
SiteQuest operates Quinton Hazell Enterprise Parc in Conwy, which accommodates more than 100 tenants, and had been seeking to refinance its existing commercial mortgage while releasing equity for acquisitions.
The family business approached Charles Street after its long-standing private bank was unable to extend its borrowing.
Charles Street agreed a commercial mortgage secured against SiteQuest’s portfolio, which includes Quinton Hazell Enterprise Parc, SiteQuest Enterprise Parc, and other shops and semi-commercial properties in Conwy, Colwyn Bay, Llandudno and Caernarfon.
The revolving credit facility removes the need for repeated underwriting and has already supported two new acquisitions, including an industrial park bought at auction. The deposit was paid from the facility within 48 hours.
Carl Graham, corporate relationship director at Charles Street, says: “This was a fantastic result and it’s great to see our finance supporting SiteQuest’s growth.
“We’re delighted when clients come to us with complex funding requirements and relish the opportunity to apply a pragmatic approach to funding. It was clear that the SiteQuest team had exceptional experience in their field and a robust portfolio business.
“By structuring a bespoke two-tier finance package, we have been able to provide the immediate liquidity they were seeking and long-term financial support for them to seize opportunities in the resilient industrial and logistics sectors.
“While traditional lenders hesitated, Charles Street moved quickly, combining our deep sector expertise with agile decision-making. Our ability to offer both long-term debt and a flexible facility under one relationship gave the client a competitive edge.”
Bob Blackwell, director of SiteQuest Offices Ltd, who runs the business with his wife Jane Eva and sons Thomas and William, says: “When our original lender was unable to support our expansion plans, despite our robust portfolio and experience in industrial and commercial property, we needed a partner who would take the time to understand our circumstances and the opportunity.
“With excess equity tied up in property we needed a partner that could work with us to create a flexible facility which would enable us to move quickly when opportunities arise.
“The Charles Street team captured our vision and ambition and responded with a structured finance response that has enabled us to react swiftly as well as support a longer-term view to our plans.”
