As we approach the final few weeks of the year, the Sancus Team and I would like to wish you a very Merry Christmas.
We hope you have a relaxing festive time with the opportunity to spend some (socially distanced!) time with your family and friends over the coming month.
The word “challenging” applied to 2020 has lost its resonance, so rather than looking back, let us now look forward to a new year of opportunities and positive change.
The property market throughout the UK, Ireland and our offshore jurisdictions remains very active despite this year’s events and we feel optimistic that we shall have a steady flow of new funding opportunities in 2021 as our teams take advantage of market buoyancy.
I would also like to take this opportunity to give you an update on some positive news since our last Newsletter.
Sancus News
It has been an eventful and positive final quarter for the future of The Sancus Group. At the start of December, shareholders of AIM-listed GLI Finance (Sancus’ parent company) voted in favour of proposals for fundraising, refinancing and the restructuring of the Company, with the Company’s main focus on supporting the growth of the Sancus business.
This reflects the confidence the Company’s stakeholders have in the future of Sancus specifically, and its core business, asset backed lending. Along with the recapitalisation of the business, the Group’s credit facility with Honeycomb Investment Trust has increased from £45m to £75m. This gives us the opportunity to expand our lending capabilities and increase activity levels across the Group, particularly in the UK and Ireland where we are seeing strong opportunities for future growth.
Award Winning Funding
One of the developers we funded this year won “Best Custom Build, Project or Model” at the National Build It Awards this month.
The Green at Ingoldisthorpe is two miles from the Sandringham Estate in Norfolk and is a stunning scheme of twelve dwellings around an existing pond on the edge of the village.
Jurisdiction Update
UK and Ireland – our London and Dublin office staff are still working from home for the foreseeable future.
Gibraltar, Guernsey and Isle of Man – our teams are now working in their offices.
Jersey – staff are currently working from home, pending change in government guidelines.
All staff are easily contacted by email or phone, all contact details are on our website.
Brexit
As negotiations reach the eleventh hour, all we know at this stage is that if a deal is reached, in all likelihood it will not be far off a “no-deal”, we shall be in a better position to see the potential impact on Sancus in the new year and we shall cover this in our January newsletter.
In Summary
We wish you all the very best in 2021 and we are really looking forward to being able to meet with you in person as the year progresses.
As always, we are available to talk and answer any queries you may have, if you could please email your relationship manager in the first instance.
Kindest regards
Andrew Whelan,
CEO, The Sancus Group
andrew.whelan@sancus.com
