Pictured: Fred Pritchard, chairman of The Pritchard Group

West Midlands property company The Pritchard Group have announced that it has completed a restructuring of the business having secured refinancing with its bank which was announced last month.

The main change focuses on the separation of The Pritchard Group into two entities, the ongoing property investment and development business and a new business, The Anglesey Group, which will manage the Pritchard family assets.

Chairman Fred Pritchard and recently appointed chief executive, Charles Tippet, will take forward the new strategy for The Pritchard Group that will see the company create joint venture partnerships to pursue its property development projects whilst managing the current investment portfolio of industrial, commercial and residential properties.

As a key part of the restructure, The Anglesey Group will be managed by Jon Pritchard, who has been appointed managing director. Both companies will operate from the traditional base in Hednesford but will pursue their own separate business plans. Jon Pritchard will unveil more details of the new Anglesey Group later this month.

The Pritchard Group, which is renowned for leading the regeneration of the Cannock Chase region, will continue to be led by chairman Fred Pritchard, the well-known property entrepreneur, and Charles Tippet, who joined as chief executive recently. They are supported by director of planning and development Bob Evans and estates director Chris Salmon who will maintain their present roles.

Fred Pritchard said: "These are exciting times for both The Pritchard Group and the new Anglesey Group. Having restructured and refinanced we are now in a very strong position to move forward with confidence and to take advantage of the many opportunities we've identified.

"The Pritchard Group retains the interest in the bulk of the property portfolio. We are embarking on a series of restructuring elements including the sale of some properties in the portfolio. This will release equity in order to part finance our future activities."

He added: "Having finalised our five-year strategic plan it is clear that the future will include a natural progression from holding investment property to carrying out more development schemes with our joint venture partners."

These projects will include commercial property developments Lakeside Park at Bridgtown by the Toll Rd and A5, the restoration and residential development at St Georges Stafford, Avon Plaza in Cannock town centre, and Wellington Plaza in Rugeley.

Charles Tippet said: "The landscape in the commercial property sector has shifted considerably in recent years and, like many other successful companies, we are adapting to the new economic environment.

"We have worked hard to develop a new strategy which will take us in exciting new directions in property investment, trading and development, while forging ahead with our significant portfolio of commercial properties. There is no doubt that we are leaner and fitter to face the challenges ahead and are actively seeking joint venture, strategic development partners to join us on new projects."

Pritchard Group has been actively involved in property investment and property development in Staffordshire and the West Midlands for over 35 years. Most of the sites are located close to Cannock, and the Chase towns in southern Staffordshire.

It has grown to provide a substantial portfolio of offices in Stafford and industrial and retail schemes in the Cannock, Rugeley and Stafford areas in particular. It has construction and property management departments dealing with over 1,000,000 sq ft of commercial floor-space.

The Pritchard Group has a portfolio of properties to let and proposed new developments aiming to provide for the needs of the traditional industrial and new office based service sector economies in this rapidly developing area of Staffordshire. The Pritchard Group provides for the wide variety of space requirements for expanding businesses - from the small start up industrial units and serviced offices to headquarters offices of large UK and Global multi-national businesses. We operate the Ramada Hotel Cannock, an iconic building adjacent to the M6 Toll Rd and have significant retail developments in the town centre and on locations near to Bridgtown.