£70m Loan for The Hut Group

Trafford Council lends The Hut Group £70m for its £1bn headquarters in Manchester.

03:21 29 January 2020

Trafford Council is lending The Hut Group £70million so the private firm can build a 300,000 square feet office space and car park near Manchester Airport. The loan adds to an extensive property investment and purchase portfolio that saw the council spend £153million in 2019.

 

 

 

 

Coun Tom Ross, Trafford Council’s cabinet member for finance, said: "The council’s investment will support huge job creation and economic growth in a key Greater Manchester location at Manchester Airport.

 

 

 

 

"At a time when local authority budgets remain under pressure this addition to the council’s investment strategy is very welcome.

 

 

 

 

"The council’s investment strategy continues to provide us with revenue which we can then use to support our frontline services.

 

 

 

 

A senior executive for The Hut Group said: "As we expand on our ambitious global proposition, we are committed to continued investment in the North West, where the business was founded."

 

 

 

 

"By partnering with Trafford Council, we can create a broad base of employment across technology, marketing, content, digital commerce and distribution industries in the region, which will be crucial to the North West’s growth and vision.”

 

 

 

 

Henry Randolph, investment advisory director at CBRE added: “This is a great example of our ability to identify high quality schemes and borrowers and then structure a debt package that provides appropriate risk and return for Trafford Council whilst delivering competitive terms for the borrower by offering flexibility, certainty and speed of delivery.”