Moray building firm secures £10m loan to expand
A Moray building firm has secured a loan facility of at least £10m for expansion into central Scotland.
Springfield Properties is the largest builder of affordable homes but also builds private homes to order.
It intends to use the "eight-figure sum" from the HSBC bank for opportunities to buy land for future development at currently depressed prices.
The family firm currently operates in the north and north east of Scotland.
Sandy Adam, Springfield Properties' chairman and grandson of the company's 1956 founder, said the company had continued to grow through the downturn, and the bank funding would keep it on that growth path.
"The funding and services supplied by HSBC will allow us to pursue our long term plan to acquire land at a time when land and property offer a great return, and this is value that we can pass on to our customers," he said.
Springfield Properties is part of the Springfield Group of companies, which has built 1,300 private homes, and has 400 people working on its projects.
The group is also active in commercial and residential letting, asbestos survey and removal, and fitted kitchens bathrooms and bedrooms.