Bath Spa University has secured a £30m finance package from Lloyds Bank Commercial Banking to help support the next phase of its estates development strategy on its main Newton Park site.
The bank has provided the funding under the Government’s Funding for Lending scheme, which offers customers discounts of 1% for the life of the loans in order to boost their growth plans and support future investment.
Some £10m of the funding has already been used for the first phase of the development project – the construction of a state-of-the-art academic centre, currently nearing completion.
Boasting world-class teaching facilities, the centre includes a dedicated digital space, which will give students access to some of the most sophisticated digital media resources in the South West, comparable to those used by cutting-edge commercial organisations and broadcast companies.
The new building also includes a modern suite of classrooms and teaching space, including a range of open-access, technology-enabled study space, social learning space and bookable group working rooms.
In addition to the academic centre, work is also underway on a 561-bedroom student residential building, meaning that Bath Spa University will have the capacity to accommodate nearly 900 of its students in halls of residence on its main campus. The building is scheduled to open this September to coincide with the start of the new academic term.
Built on the university’s main Newton Park site four miles from Bath city centre, the investment into a new academic building and additional student accommodation forms part of the university’s commitment to provide outstanding and innovative educational facilities for its students.
Bath Spa University, which has around 6,500 students and more than 500 staff, has a history dating back to 1852. Today it offers undergraduate and postgraduate degrees in a wide range of programmes.
The university has been a Lloyds customer since 2012 and is supported by the bank’s specialist education team based in Bristol.
University deputy vice chancellor Jon Brady said: “This new academic building and student accommodation not only forms part of our commitment to provide the very best educational experience for our students, but also represents an important milestone in our ambitions to contribute to both economic and social development in Bath and the wider South West.
“Lloyds Bank has been instrumental in providing the financial support needed to complete the building project, with the commercial banking team in Bristol consistently demonstrating a sound understanding of the specialist banking requirements of UK Universities.”
Lloyds Bank Commercial Banking area director Clive Hetherington added: “Our relationship with Bath Spa University has developed considerably over the last couple of years, during which time we have provided a complete core transactional banking product range.
“Universities represent a fundamental component in the local and national commercial spectrum, helping to ensure businesses have access to the right skills and expertise they need to fuel their growth and development.
“At Lloyds Bank, we recognise that education is an important sector to the economy as a whole. Our track record and expertise around the banking requirements of educational institutions means that we are well placed to provide valuable funding for both further and higher education development and refurbishment projects across the UK.”
Pictured, from left: Lloyds Bank Commercial Banking area director, Clive Hetherington, Bath Spa University vice chancellor Christina Slade, Lloyds Bank Commercial Banking relationship director Ben Deverell and Bath Spa University deputy vice chancellor Jon Brady
