Dealing at the speed of light

Interest rate hedging

Richard Gilliland is Finance Director of City Site Estates plc, a well-established property investment, development and construction company formed in 1973. The company was quoted on the London Stock Exchange in 1985, but took itself private following a management buy-out funded by Bank of Scotland in 1998.

Over the past couple of years, we've been looking at hedging various transactions to get the cost of money down. That's quite important to us. And the Bank of Scotland Treasury team have come up with a number of innovative arrangements – quite clever solutions – which have enabled us to do that for which we're very grateful.

We ourselves are very experienced financiers and property investors. But the hedging market is complex and is changing constantly. You need to have a partner who really understands that, who can explain it in a language which you can relate to and which you're capable of implementing to your own particular circumstances. The people we deal with at Treasury and Bank of Scotland fit those criteria very well.

Richard Gilliland, Finance Director,
City Site Estates plc.

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