Local vet swaps pets for property thanks to Barclays
An Aberdeen veterinarian has secured funding from Barclays to diversify into property development. The £305k commercial mortgage will support the Swan Veterinary Practice’s owner’s new real estate venture to develop residential property in Aberdeen city centre.
Established in 1993 by Walter Swan, the practice has been developed into one of the leading veterinary services in the North East with clinics in Aberdeen city centre and Dyce. Having built a successful business offering, the entrepreneur approached Barclays to release the equity to support his entry into property, with a view to taking on more projects in the future.
The business is one of a number that have benefitted from Barclays’ Scottish SME fund over the past 18 months. The £500m fund was launched last year to provide access to funding for companies with turnover up to £25m.
Walter Swan, founder of Swan Veterinary Practices, commented: “I found Barclays to be incredibly supportive in backing my decision to invest in property development. Having built up my own successful business over a number of years I was keen to use some of that equity for new commercial opportunities.
“I was really impressed with the level of personal service and knowing I had a relationship manager I could continue to work with as I develop my plans was key to my decision to bank with Barclays.”
Stuart Brown, Head of SME Scotland, Barclays, said: “Swan Veterinary Practice is a well-known name in the north east and Walter has built a profitable business with a strong financial history. We are always keen to support local entrepreneurs who have spotted a fresh opportunity to grow or diversify their business portfolio.
“We were able to offer him a local relationship manager, Rebecca Ainsley, who understood his vision and could support him in making the most of the opportunities available in the residential property market. With Barclays backing, the move from pets to property has become a reality.”