The Backstory
Some partnerships start with a handshake. This one started with a tweet.
Back in June 2020 - the height of COVID - Paul Nicholson sent James a message on Twitter about a small commercial refinance. It was a £200k retail deal in Liverpool, at a time when most lenders weren’t touching that kind of secondary location.
James drove 200 miles north to St Helens to meet him anyway.
As he says now, “It probably cost me more in fuel than I made on the deal - but that trip set the tone for everything that’s followed.”
Fast forward to today, and P10 now delivers over £10 million in structured lending each year for Nicholson Group - helping turn one developer’s vision into one of the North West’s most ambitious and resilient property portfolios.
The Challenge
Nicholson Group were scaling fast - from small residential schemes to complex heritage redevelopments - but the finance model behind the business hadn’t caught up.
Short-term bridge loans, high-cost debt, and fragmented banking relationships meant growth was reactive rather than strategic. With multiple live sites, dozens of SPVs, and heavy exposure to variable rates, they needed a structure that could:
Consolidate short-term bridging into long-term fixed debt
Improve cash flow and reduce exposure to rate volatility
Free up equity to reinvest across the wider pipeline
Support complex Grade II-listed and non-designated heritage assets under planning restriction
The goal was simple: create a finance model that could sustain a portfolio moving from 300 rental units to 500+ over the next few years, without losing control or momentum.
The Solution
Our work with Nicholson Group has always gone beyond just arranging debt. It’s about understanding how the business works - the moving parts, the pressure points, and the people behind it.
Over the last six years, we’ve restructured facilities, improved leverage, and delivered smarter lending strategies across multiple assets.
One of the most complex examples was the Beecham’s Building - the former Beecham’s HQ built in 1888, now Nicholson Group’s head office.
When we were introduced to the deal, the site was on a short-term bridge facility approaching maturity. The existing loan carried a default fee if not repaid by term end - putting significant pressure on the timeline.
We modelled several refinancing routes, including:
Individual BTL exits across the 14-unit scheme
A hybrid investment term facility to refinance the full block
Multiple SPV structures to optimise the release of retained equity
After assessing valuations and lender appetite, we landed on an investment term facility secured against the building’s investment value. This approach:
Cleared the bridge ahead of default
Released additional working capital
Delivered a fixed rate at a significant reduction from the original bridge terms
Strengthened Nicholson Group’s position with their senior lender base
That exit didn’t just save on costs - it freed capital to fund upcoming schemes and kept the pipeline moving through a tight credit market.
Beyond that project, we’ve:
Restructured legacy debt from high-cost challenger banks into longer-term fixed-rate products
Modelled portfolio-level gearing to balance short-term development exposure with income-producing assets
Advised on lender selection and debt layering for future sites - including the 65,000 sq ft Pilkington’s Headquarters redevelopment
Secured structured facilities that blend investment loans, development finance, and refinance exits to minimise downtime between phases
As Paul puts it:
“Our relationship with P10 isn’t about getting the cheapest rate - it’s about having a partner who understands the business inside out. They’re the first call when something needs solving, and sometimes the counsellor when things get stressful.”
