An empty grade listed building in Cardiff is getting a new lease of life as the new HQ for an expanding engineering consultancy firm.
With finance from the Barclays and the Development Bank of Wales, PHG Consulting Engineers is revamping the Victorian building on Cowbridge Road East.
The property, a former hotel constructed in the 1850s, has been empty for a number of years.
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PHG secured a £140,000 loan from the Development Bank of Wales to refurbish the property. This follows a £500,000 commercial mortgage from Barclays. PHG plan to move in to their new headquarters by the end of the month.
Founded in 2013 by managing director Pierre Grigorian, the company offers engineering consultancy on civil and structural projects. The firm works with a range of commercial and residential developers across South Wales.
Mr Grigorian said: “Buying and refurbishing our new office gives us more room to grow the business as we are completely full in our current offices.
“Over the course of 2020 we expanded our team from 15 to 20. While a lot of our staff have been working from home, we wanted an office base which can accommodate everyone safely and comfortably. We have found that in this historic building.”
Co-owner and director Steve Davis, said: “The other main benefit is this office really moves us onto the next level in terms of our presence in the marketplace. With these headquarters it gives us the gravitas to look at other markets such as London and overseas and showcases the high-standard of work and expertise our staff provide.”
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The deal was structured by investment executive Navid Falatoori on behalf of the development bank. He said: “Pierre approached us following advice from his bank Barclays. PHG were looking for a new headquarters to house their expanding company with good links to central Cardiff. Working with Barclays and ourselves they were able to secure funding for the project.
" The whole process has been a great exercise in collaboration between the business, ourselves and Barclays. Pierre and the team at PHG also wanted to use their engineering expertise to bring back an historic building to use.”
The commercial mortgage was arranged by business banking relationship manager, Ruth Carmock. She said: “Barclays has been able to provide a funding package to support PHG throughout this exciting expansion. A major investment in the new premises demonstrates both Barclays as well as Steve and Pierre’s confidence in the continued growth and success of the business.”