Staffordshire-based Pritchard Group has completed a new financing deal with Lloyds Banking Group to enable a restructure of the company.
The company will now separate into two entities: the Pritchard Group, which will manage the ongoing property investment and development business; and a new business, The Anglesey Group, which will manage the Pritchard family assets.
Pritchard Group chairman Fred Pritchard and recently appointed chief executive Charles Tippet will mastermind the new strategy for The Pritchard Group. The firm will focus on new joint venture partnerships to pursue property development, while managing its investment portfolio of industrial, commercial and residential properties.
The Anglesey Group will be managed by Jon Pritchard, Fred Pritchard’s son. Both companies will operate from the company’s head office in Hednesford.
Fred Pritchard said: “The Pritchard Group retains the interest in the bulk of the property portfolio. We are embarking on a series of restructuring elements including the sale of some properties in the portfolio to release equity to part-finance future activities.”
lisa.pilkington@estatesgazette.com
