BloomSmith provides VAT funding for £5.2m transaction

Successful £1m loan made on Leeds property purchase

BloomSmith has recently announced the successful completion of a £1,040,000 VAT bridging loan on a Leeds property purchase by the development, management and investment specialists Bricks Group.

The completion of this £5.2m acquisition represents a prime example of Bricks Group’s ability to expand its operations despite a turbulent property environment.

Since its establishment in 2007, the developer has grown its assets to a gross development value of £500m, investing over £100m of equity.

Prior to completing this latest transaction, Bricks Group had partnered with BloomSmith to deliver VAT funding for a £10m property outside of Norwich.

Speaking on the property acquisition, Bricks Group founder Peter Prickett said: “We are delighted to have concluded the purchase of this latest addition to our strategic investment plan.

“We would like to thank BloomSmith for their role in supporting the acquisition. This is the second time we have worked together to fund the VAT of a purchase and we look forward to working with them again in the future.”

Nigel Smith, BloomSmith CEO said: “Renewing our relationship with Bricks Group is evidence of the strong business case for funding VAT obligations, enabling greater scope for financial planning and effective cashflow management.

“Delivering this loan is the result of a lot of hard yards from many different parties over several years.

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