The Anglesey Group – a new property management, development and investment company – has been launched in the Midlands following a £6 million bank finance deal.
Managing director Jonathan Pritchard will lead the new Staffordshire-based company, formed as part of the recently announced restructure of The Pritchard Group.
Jonathan, son of well-known property entrepreneur Fred Pritchard, has ambitious plans for The Anglesey Group. It immediately takes over the management of over 200 properties, which are Pritchard family assets.
The Pritchard Group announced recently that it had completed a restructure of the business having secured bank refinancing. The main change focused on the separation of The Pritchard Group into two entities, the ongoing property investment and development business and The Anglesey Group.
Chairman Fred Pritchard and chief executive Charles Tippet will take forward the new strategy for The Pritchard Group, seeing the company create joint venture partnerships to pursue its property development projects whilst managing the current investment portfolio of industrial, commercial and residential properties.
The Anglesey Group has been formed as a key element of the restructure. Both companies will operate from the traditional base in Hednesford but will pursue their own separate business plans.
Jonathan Pritchard said: “For me this is the start of a new era. Over the last 20 years I have gained considerable knowledge with the Pritchard Group and have a very wide range of experience including leading the team managing the Ramada Cannock hotel.
“It is a really exciting challenge. I have got lots of energy for it and nothing is impossible. All the planning and preparation is now beginning to pay dividends.”
He added: “We have got a five-year business model for improving the portfolio, refurbishing and trading certain assets to create a more profitable, stream-lined organization.”
The family owned assets include 122 properties – 60 per cent being residential and 40 per cent commercial – in the areas of Cannock, Bridgtown and Hednesford. The commercial portfolio includes Birch Business Park, Cannock, a 20-unit multi-let site focused on the SME business sector. The residential portfolio includes 12 apartments at Whitehouse Court in Cannock.
“We have reviewed the portfolio and are actively managing it to keep a very high occupancy level in these difficult times. We are also planning to spread our activities further afield and are already looking at possible deals.”
Jonathan, aged 41, who lives in Lichfield, is qualified as a chartered builder.
He owns Anglesey Fine Homes, a housebuilding company which has developed more than 50 units. The company will become active again when the market starts to return.
He added: “We have been working on the finer details of the restructure for five months and spoke to various lending institutions, eventually choosing to partner with HSBC under the watchful eye of Neil Mullett, their senior commercial real estate manager in Birmingham.
“Throughout the process, HSBC’s attitude has been very proactive. They were the bank that turned up on the first day ready to do business. We have agreed a five-year, £6 million deal. HSBC should be commended for their commitment to this refinancing package in the current market.”
Neil Mullett, of HSBC, said: “We are delighted to be able to support Jonathan with his plans to take the new group forward.”
Iain Harrison, Sarah Thawley and the team at Clarke Willmott solicitors in Edmund Street, Birmingham, helped to complete the refinancing deal for the Anglesey Group.
Fred Pritchard said: “These are exciting times for both The Pritchard Group and the new Anglesey Group.
“Having restructured and refinanced we are now in a very strong position to move forward with confidence and to take advantage of the many opportunities we’ve identified.”