Property development company Spellcast Limited has sealed a re-financing and development capital deal with Handelsbanken with the help of accountants Richardson Hall Kennedy.
Spellcast owns Generator Studios based in central Newcastle upon Tyne. The two-storey property was imaginatively refurbished in 2000 by the owners and has a modern café and shared meeting rooms at the central hub of the building, which is now occupied by architects RyderHKS, Gardiner Richardson, Waterman Group and Nathaniel Litchfield & Partners.
Spellcast sought a re-structuring of its existing borrowings to release capital. The company went to the market with the help of David Hall, Managing Partner at Richardson Hall Kennedy, and agreed a deal with Simon Lenney at Handelsbanken.
Mark Thompson of Spellcast commented: “We were looking for an upfront commitment from potential financiers to support our future plans. The deal put on the table by Handelsbanken not only addressed the core financial re-structuring, but crucially also provided the flexibility we wanted.”
David Hall added: “Spellcast’s was a robust proposition, so whilst we had absolute confidence that we could get a deal, the important thing was to get the right deal. From the outset, Handelsbanken worked very hard to deliver exactly to our requirements.”
Simon Lenney of Handelsbanken was delighted to secure Spellcast’s business, commenting: “Our message to the market is that, for the right company, we don’t dictate our terms. We listen closely to what is being asked of us, and work with the company to get the deal right for everyone. I believe that Spellcast chose Handelsbanken because of that approach."
Click here to take a look at our Corporate Finance deal summary.
RHK are registered by the Institute of Chartered Accountants in England and Wales to carry out company audit work. RHK Corporate Finance LLP is registered in England and Wales as a Limited Liaibility Partnership (Registered No. OC308294)
