Co-op Bank loan to kick off £50m Bishop Street scheme

[dutchman]

Co-operative Bank has agreed to finance Barberry Developments’ £50m plans for the former Royal Mail Sorting Centre at Bishop Gate in Coventry.



West Midlands-based Barberry is planning a retail-led complex at the centre to be called Bishop Gate. The development will feature a supermarket of up to 130,000sq ft, and a gym and leisure facility with swimming pool in a 20,000sq ft unit.

The proposals were recently granted outline planning consent by Coventry City Council’s planning committee and if full planning permission is granted, work on site is due to start in late 2011.

The multi-million pound loan towards the total cost of the development was provided by the Birmingham corporate banking centre (CBC) of The Co-operative Bank in Colmore Row.

Steve Pamely, senior corporate manager at the branch, said: “We have known Barberry Developments for a long time and have been their principal bankers for almost 15 years.

“Our lending to Barberry proves the benefits of the Bank’s strategy of developing long-term relationships with customers that have clear and proven corporate strategies.”

Jon Bellfield, managing director of Barberry Developments which has its head office in Belbroughton, Worcestershire, said: “The Bank pulled out all the stops to enable us to exchange contracts within 10 days on the Royal Mail Sorting Office.

“We have since acquired adjoining properties. We are delighted with the progress we have been able to make in obtaining consent for such a comprehensive scheme and we are now in dialogue with several major retailers.”