A FAMILY-OWNED property firm has secured bank funding that will protect tenants at its Dundee One office block affected by the coronavirus crisis.
Jute Properties’ offices are home to 25 firms, many of which are small businesses that have experienced dramatic falls in revenue since the coronavirus lockdown was announced.
Recognising the difficulties being faced by its tenants and the effect of temporary rent arrears on its own cashflow, the management team approached Bank of Scotland for support, after beginning its working relationship with the bank at the start of March.
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The firm secured a capital repayment holiday on existing borrowing within three days, which it said will help strengthen its working capital position in order to allow the team to agree short-term rent deferrals for its Dundee One business centre tenants.
Jonathan Marsh, managing director at Jute Properties, said: “It’s an extraordinary time we’re operating in. No one could foresee these circumstances when we bought Jute Properties, but thanks to support from Bank of Scotland, we’ve been able to protect our business and offer help to our tenants.”
The firm purchased the Dundee office block in 2017 and developed the building to create a mix of fully furnished offices, meeting rooms and shared working space.
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