Leading specialist credit lender SAV Credit has restructured the lease at its head office in Kings Hill to enable it to expand and take on more staff.
SAV has been a Kings Hill tenant for five years, occupying 5,000 sq ft in 11 Tower View, and had a break option on its lease which was due next year but the park’s developer, Liberty Property Trust UK Ltd, has pushed it out to 2015, when the company plans to expand into larger premises.
SAV, which was ranked third for profits growth among the top 100 UK private companies by the Sunday Times PwC Profit Track 100 after recording an average annual 149% rise from £2 million in 2007 to £30.9 million in 2010, will be able to reconfigure the space to increase its current workstation layout from 57 to 80 to support possible additional staff.
The deal on the lease is the latest stage in the ongoing growth story at SAV which recently launched two market-changing rate discount and cashback cards designed to reward customers who struggle to get good credit card deals from High Street banks.
SAV, which is owned by Värde Partners, plans further expansion building on the success it has achieved in managing portfolios including the Opus and marbles brands.
“Unlike the majority of business park landlords we are based on site, which helps us maintain an ongoing dialoguewith our tenants at Kings Hill and, wherever possible, we work with them torestructure their leases to suit their business needs better,” said Liberty’s managing director Andrew Blevins. “It is always good to see a company doing well and we are delighted that SAV Credit is expanding and taking on more staff.”
Stephen Rowland, SAV Credit’s General Counsel and Chief Administration Officer, said: “Kings Hill is an established centre for the financial services sector and the perfect location for us, so we are delighted that we have been able to restructure our lease. This will enable us to expand within our current space before movinginto larger offices in due course as the business grows still further.”
Hanover Green acted jointly for the landlord.
Kings Hill is set in 800 acres near the county town of Maidstone and is just two miles from junction 4 of the M20. It was a former airfield and is now home to around 6,500 residents and more than 100 businesses employing some 5,000 people.
There is an 18 hole golf course; cricket pitch; David Lloyd Leisure centre; further recreation and sports amenities; schools and a village centre with shops including Waitrose; Costa Coffee; Domino’s and restaurants as well as a surgery, dry cleaners, shoe repairers, pharmacy and opticians.