Glasgow-based, Ambassador Group, to build new homes at historic Bangour Village, following £21m loan from OakNorth

  • Founded in 2011, Ambassador Group is a privately owned, Scottish real estate company spanning three divisions, Development, Investment and Advisory;
  • Headquartered in Glasgow, the firm has advised on over £2b of UK real estate transactions since inception, with a development pipeline of over 2.5k homes;
  • The £21m loan from OakNorth will be used to develop over 70 new homes at its historic Bangour Village site in West Lothian, as well as support ongoing infrastructure works;
  • The deal follows OakNorth’s expansion into Scotland with the opening of its new Glasgow office in summer last year to boost lending into Scottish SMEs.

OakNorth – the neobank for entrepreneurs by entrepreneurs, has provided a £21m loan to Ambassador Group, the privately owned, highly experienced Scottish-based property and investment company.

Founded in 2011, the group consists of three divisions, Development, Investment and Advisory, and has advised on over £2b of UK real estate transactions to date, with a development pipeline of over 2.5k homes. Headquartered in Glasgow, Ambassador Group has a successful track-record across all aspects of real estate investment, development and management; and is well-respected as an innovative and trusted operating partner committed to adding value through an entrepreneurial and forward-thinking approach.

The £21m loan from OakNorth will be used to develop over 70 new homes at Ambassador Group’s latest site located at the historic Bangour Village in West Lothian, as well as support ongoing infrastructure works. The units include 51 detached and semi-detached homes and 23 flats, that will offer residents extensive green spaces, as well as EV charging points as part of the group’s wider sustainability commitment. The OakNorth funded homes will be part of the wider Bangour Village Estate, a 215-acre site that is set to consist of 998 homes, a primary school and nursery, café/restaurant, as well as transport links to both Edinburgh and Glasgow.

David Gaffney, CEO of Ambassador Group, commented: “We are delighted to announce the first release of  handpicked homes at the spectacular Bangour Village Estate. Our work in partnership with the local community and key stakeholders has been vital towards the area’s successful transformation into a thriving new destination that can be enjoyed by residents, locals and visitors alike. After being impressed with OakNorth’s reputation for backing experienced and entrepreneurial housebuilders, they were the clear funder of choice. Fraser and the OakNorth team provided a great level of flexibility and transparency, and we look forward to working with them again on future developments.”

Fraser McPhail, Senior Director of Debt Finance at OakNorth, added: “The Ambassador Group is a perfect example of the innovation and entrepreneurialism that’s on show within the UK’s real estate sector. The firm’s successful track record for delivering homes that are thoughtfully designed, energy efficient and have an industry leading specification speaks for itself and we’re thrilled to support its unique and iconic Bangour Village development. Scotland is an integral part of OakNorth’s growth strategy, and we continue to see a strong opportunity from businesses in the region looking to pursue their growth ambitions. Following the opening of our Glasgow office in summer last year, OakNorth is ready to step up to the plate and support businesses in Scotland at a time when other lenders may be unwilling or unable to.”

ENDS

 

Notes to editors

About OakNorth

Launched in September 2015, OakNorth is the neobank for entrepreneurs, by entrepreneurs, empowering scale-up businesses (£1m-£100m turnover) to support growth, prosperity, and innovation for the benefit of all.

Since its launch, the bank has:

  • Lent over £10b to these businesses, directly helping with the creation of 40,000 new jobs and 29,000 new homes across the UK.
  • Raised deposits from c.175,000 savers.  
  • Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Visit www.oaknorth.co.uk for more information.

Media contact

Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588

About Bangour Village

Visit https://bangour-village.com/ for more information.

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