Social care charity buys first property to house head office

Finance | Tania Mason | 1 Nov 2011

Social care charity Avalon Group has obtained a £400,000 commercial mortgage from Barclays Corporate to buy a new head office worth £570,000.

The 4,700 sq ft building in Harrogate will house 31 staff and deliver “considerable” savings, according to the charity.

Previously Avalon Group was leasing its head office premises – just across the road from the new building - but decided the time was right to buy. Tony Hind, group finance director, said: “In the current climate of moderate property prices and low interest rates, we’ve been able to purchase larger premises while at the same time reducing our outgoings.

“This means we are not only operating more effectively, but have strengthened our balance sheet.” He would not divulge the terms of the finance.

Daniella Taylor, the relationship director at Barclays Corporate, described Avalon Group as a “well-run business taking the opportunity to secure their future”.

Avalon has sites in ten towns and cities across the north of England and employs more than 800 staff in services including supported living schemes and a variety of travel, employment and projects for disabled people. It denied this was the start of a property acquisition programme but did not rule out buying more property if the circumstances were right.

Directory: Barclays Corporate

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