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Business & Economy

North East investment fund announces £3.8 million commitment to Glasgow development

A North East investment fund has announced the completion of a £3.8 million transaction, providing fund for a new development in Scotland.

The TOC Property Backed Lending Trust (PBLT) is providing a three-year debt facility to develop a new environmentally advanced crematorium complex in Glasgow.

Managed by Newcastle-based wealth management firm Tier One Capital, the PBLT funding will enable the management team at Horizon Cremation to create 25 new jobs in the construction and operation of the new facility.

Horizon is also backed by private equity fund manager Maven Capital Partners, which has previously provided working capital funding for the business.

Listed on the London Stock Exchange in 2017, Tier One’s PBLT has a current loan book of more than £27 million, with a lending pipeline of £14 million that will go towards new investment opportunities, many of which in the North East.

PBLT Fund Manager Brendan O’Grady said: “We are delighted to have closed this deal before the year end. This is another example of our successful strategy of targeting investment opportunities presented by strong, credible and experienced management teams.

“The support of Maven has added further strength to this investment proposition, and we are pleased to be providing interesting, deliverable and robust opportunities for our shareholders.”

“While it is clear that traditional lenders are withdrawing from certain parts of the market, we are very much open for business and are pleased to be able to announce a fourth transaction in as many months.”

Jeremy Hamilton, founder and director of Horizon Ceremonies, together with Stephen Byfield, added: “We are absolutely delighted to have completed this transaction, especially given the current working restrictions we are all facing as a result of the pandemic.

“We are equally pleased to be working alongside the team at Tier One, which has demonstrated a highly capable, flexible and pragmatic approach in delivering the funding for this development.”