14th September 2007
Imagine agrees landmark financing to secure £200m property investment pipeline
Bank of Scotland underpins long-term association with Imagine Homes
Imagine Homes, one of the UK's leading buy-to-let investment property specialists, is pleased to announce a £37.5m equity and debt investment package from Bank of Scotland Corporate (part of HBOS, the major retail and corporate bank) to support the Company's ambitious expansion strategy.
To support the growth of the Company, Imagine Homes is also pleased to announce the appointment of Colin Rutherford and Stewart McIntyre to the Board. Colin joins Imagine as Executive Chairman, with over 20 years of extensive business and corporate finance experience. He currently holds a number of Chairmanships with a variety of quoted and unquoted UK and international companies. Stewart has been appointed as Executive Director to Imagine. He brings to the role a great deal of financial and business experience, from roles in the property, accounting, legal and investment sectors.
Today's announcement marks the beginning of an ambitious growth strategy for Imagine Homes as the Company looks to capitalise on its award winning position in the buy-to-let market. Over the last few years the Company has grown its market share by marketing properties throughout the world via offices in the United Kingdom, Ireland and the Middle East. In 2006/7, the Company sold over 480 units including 16 developments across the UK. The Company's internal estimate for units to be sold in 2007/8 is over 800, showing a year of good progress.
The Agreement is a continuation of Imagine Homes' longstanding relationship with Bank of Scotland and reinforces the strong growth opportunity that exists in the UK rental property market. The additional funding will enable Imagine Homes to expand its footprint in the UK, Ireland and the Middle East, where it has achieved notable market penetration. The Company is also set to complete the refurbishment of their Hogarth roundabout showroom, which when operational, will be the largest sales centre in the UK dedicated to the buy-to-let market.
Grant Bovey, Chief Executive of Imagine Homes commented: "We are delighted to continue our longstanding relationship with Bank of Scotland and believe there is significant growth still to come from our business and consider ourselves pioneers in a young and rapidly expanding sub-sector of the property market. Our commitment to innovation, of which Hogarth is a prime example, and the ease at which we enable our clients to enter the property arena gives me great confidence for the years ahead.
"The business is now at a significant stage in its development as we look to make further property acquisitions, develop our strategy and continue to capitalise on significant growth opportunities."
Geoff Whiteland, Director of Joint Ventures, Bank of Scotland also commented: "We are very pleased to continue to support both Grant Bovey and Imagine Homes during this exciting period of growth for the Company."