PMJ has provided finance to North Wales based property company, Knightsbridge Estates part of the Bearmont Group, to acquire a portfolio of eight former vacant M & Co stores across Scotland and England.
Back-to-back lettings have been secured Knightsbridge Estates across all properties, in locations including Inverness and Ashbourne, to Lancashire based – The Original Factory Shop.
M & Co entered administration in December last year and announced shortly after that, all stores were due to close. The eight stores have been vacant since January 2023. Following the successful transaction to The Original Factory Shop, the stores aim to be operational again by the end of October.
Rob Lloyd CEO of Bearmont Group commented: “We are committed to bringing positive change and the opportunity to breathe new life into our town centres.
“This acquisition will have a tremendous impact on eight towns across Scotland and England. The Original Factory Shop know the importance of multi- department stores and the roles they play in helping local communities. These openings will also provide many job opportunities in areas that really need them.
“The Bearmont Group began back in 2019 with the successful purchase of a portfolio of the Arcadia assets moving onto the recent acquisition of the Menai Shopping Centre, Bangor. PMJ has supported us throughout and have been instrumental in the growth of our company.”
David Rainford Managing Director at PMJ Capital commented: “By supporting Bearmont Group, we are delighted to play a small part in the regeneration of our declining high street.
“As property funders, vacant retail could be seen as high risk. But we look beyond this with a clear desire and appetite to support experienced and credible property investors and developers like Rob.”