A £28 million funding deal is helping to transform historic school sites in Warwick.
The development finance package, arranged between HSBC and the Warwick Independent Schools Foundation, has enabled the Foundation to move King’s High School for Girls to a new purpose-built campus on Myton Road where Warwick School (including Warwick Junior School) and Warwick Preparatory School are already based.
The move, which will take three years to complete, will see the creation of a new main school building, a new shared music building, a new sixth form centre and improvements and extension to the Bridge Sports Centre.
New and improved sports pitches – including 3G and all-weather surfaces – will also be built at the site, and work on the first phase is now underway.
Jonathan Lynch, deputy area director for corporate banking at HSBC, said: “This is a significant deal which underpins HSBC’s credentials in the education sector and our appetite to support a broad range of establishments. “We’re thrilled to be supporting the Foundation in the next phase of their growth and we look forward to working with them in developing first class facilities for the school’s pupils.”
Leamington-based law firm Wright Hassall acted for the Foundation on the financing and Mills and Reeve acted for HSBC. Chris Jones, of the banking and finance team at Wright Hassall, said: “This is a transformative project not only for the Foundation and its schools, but also for the town of Warwick and the surrounding community of which we are all part.
“King’s High, like all of the schools in the Foundation, is already extremely highly-regarded. “The development is a milestone in its history and I am sure will allow all of the schools to go from strength to strength. “Wright Hassall is very proud to be able to service major transactions such as this from our place in the local Warwickshire community, and we are delighted to have been involved in this financing for the Foundation.”
Simon Jones, secretary of the Warwick Independent Schools Foundation, said: “This is a landmark project for the schools and we are delighted to be working with HSBC to make this happen and hugely appreciate the support provided by Wright Hassall in what has been a challenging and complex legal process.”
King’s High School has occupied its town centre site since it was established in 1879, and that site will be sold as part of the development.