The Lady – which has an impressive 127-year history – is set to undergo the biggest transformation to its London headquarters in over a century when its owner completes the refurbishment of its grand, six-storey offices.

We provided the magazine’s majority shareholder Ben Budworth with the short-term loan to push ahead with the extensive refurbishment. Once completed, the redevelopment of the ground floor and basement is expected to attract some of the capital’s leading restaurateurs or retailers.

As soon as we visited The Lady’s headquarters, we were amazed at what a stunning building it is. It’s in a perfect location in Bedford Street, Covent Garden, and is bound to attract a great deal of interest as a mixed-use commercial development, subject to planning permission being granted.

•   Converting offices can boost housing supply
•   Together partners with SimplyBiz and Personal Touch
•   Opportunities for holiday let investors in the BTL market

Under Mr Budworth’s proposals, part of the building – which is separate from The Lady’s offices – will remain as a private residence, and the remaining upper floors will continue as a mix of residential and commercial space. He will soon be in discussions with Westminster City Council – the local planning authority – to seek permission for restaurant or retail use.

We have worked with Mr Budworth in the past and – after careful consideration of the circumstances of this case – agreed to provide a 12-month bridging loan for £7.4m, secured against The Lady’s headquarters.

The project will mark a major transformation for The Lady building, as this latest investment – which came to us through trusted broker SPF Private Clients – means that Mr Budworth will be able to sympathetically renovate the building to maximise the potential of the space available.

This is a great example of when vision and foresight on the part of the borrower, broker and lender can achieve fantastic results, and we wish Mr Budworth the greatest success in this exciting new phase of The Lady’s evolution.