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.

READ MORE: Hospitality trade slams ‘unfair’ exclusion from Covid-19 grants

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.

Shops across Scotland are closing. Newspaper sales are falling. But we’ve chosen to keep our coverage of the coronavirus crisis free because it’s so important for the people of Scotland to stay informed during this difficult time.

However, producing The Herald's unrivalled analysis, insight and opinion on a daily basis still costs money, and we need your support to sustain our trusted, quality journalism.

To help us get through this, we’re asking readers to take a digital subscription to The Herald. You can sign up now for just £2 for two months.

If you choose to sign up, we’ll offer a faster loading, advert-light experience – and deliver a digital version of the print product to your device every day.

Click here to help The Herald.

Thank you, and stay safe.