The Anglesey Group launches after £6m bank deal
A new property group has been founded in Staffordshire as part of the restructure of The Pritchard Group. The Anglesey Group has launched following a £6m bank finance deal.
Managing director Jonathan Pritchard - son of property entrepreneur Fred - will lead the new company and immediately take over the management of more than 200 properties.
The Pritchard Group recently announced that it had completed a restructure of the business having secured £6m of bank refinancing from HSBC.
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.
Both companies will operate from the traditional base in Hednesford but will pursue their own separate business plans.
Chairman Fred Pritchard and chief executive Charles Tippet will lead The Pritchard Group, seeking joint venture partnerships for the company to pursue its property development projects.
The pair will also manage the current investment portfolio of industrial, commercial and residential properties.
The Anglesey Group has been formed as a "key element" of the restructure, said Jonathan Pritchard.
He 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.
"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 under Jonathan Pritchard's control 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," he said. "We are also planning to spread our activities further afield and are already looking at possible deals."
