Managed by Tier One Capital Ltd, PBLT is providing a three-year debt facility to develop the complex.

The development is being delivered by the management team at Horizon Cremation. It is the third in a series of developments for the company and it will create 25 new jobs in the construction and operation of the facility.

Horizon is also backed by private equity fund manager Maven Capital Partners LLP.

Listed on the London Stock Exchange in early 2017, PBLT has a current loan book of more than £27m across its portfolio of property projects, with a lending pipeline of £14m, which will go towards new investment opportunities.

Brendan O’Grady, PBLT fund manager, said: “We are delighted to have closed this deal before the year end. This is another example of our successful strategy of targeting investment opportunities presented by strong, credible and experienced management teams.

“The support of Maven has added further strength to this investment proposition, and we are pleased to be providing interesting, deliverable and robust opportunities for our shareholders.”

“While it is clear that traditional lenders are withdrawing from certain parts of the market, we are very much open for business and are pleased to be able to announce a fourth transaction in as many months.”

Jeremy Hamilton, founder and director of Horizon Ceremonies, together with Stephen Byfield, added: “We are absolutely delighted to have completed this transaction, especially given the current working restrictions we are all facing as a result of the pandemic.

“We are equally pleased to be working alongside the team at Tier One, which has demonstrated a highly capable, flexible and pragmatic approach in delivering the funding for this development.”

Colin Grier, chairman of Horizon Ceremonies Group, commented: “We are excited to close-out the funding on our third of five planned developments and we look forward to developing this opportunity on the outskirts of Glasgow together with Tier One and PBLT.

“The Tier One team recognised very quickly that we are working to produce significantly better, essential and modern crematorium facilities in areas of proven need, and that we are aligned with Tier One in the pursuit of the highest standards of construction, operations and project management and we are looking forward to other future development opportunities where we can work together.”