Newable Finance brokers £1.85m for the best loved pier in Wales
Mumbles Pier, one of the best loved piers in Wales, will get a face lift with funding brokered by Newable Finance, the specialist brokerage and advisory service arm of Newable, which has secured a deal with specialist lender, Together for £1.85m of restoration works.
The 835ft pier, in Mumbles that was described by The Times this year as one of the ‘coolest’ places to live, attracts over 750,000 visitors every year and offers arcades, outdoor activities, restaurants and is home to Mumbles RNLI station.
The New York Times also included the landmark Victorian pier as one of the best places to visit in the world. The pier now belongs to brother’s Fred and Bert Bollom, third-generation owners, who took over from their father in 2015, and has been in the family since 1933.
The funding is part of a refinance plan so works can start on the next stage of refurbishment including full renovations to the base of the pier allowing for a premium space in an unrivalled location for alfresco dining and outdoor events, updating the Grade II-Listed Big Apple kiosk, and securing jobs for the next seven years.
Bert Bollom, chairman of Amusement Equipment that owns the pier, comments: “Mumbles Pier has always been entirely privately funded and this much needed injection will allow us to continue to do business while making further and much needed restoration works to return the pier back to its former glory. This money will ensure we can carry out the works and remain open for business, securing the future of our 130 staff members and all our customers.”
Newable, working with Together, which provides commercial and personal finance and has a loan book of £4.4bn, sourced the funding on a commercial mortgage, reducing the overall debt of the business.
Josh Mendez, senior finance broker property, at Newable, comments: “We received the opportunity to help refinance Mumbles Pier to help towards future restoration works. With staycations being very on trend, leisure is an area we will invest heavily in, as the UK holiday market continues to grow. At Newable, it is important that we help all sorts of businesses and we are excited to be helping such a long-standing, family run business such as the team at Mumbles Pier. We and the Together team look forward to supporting the business so that they can give back to their community.”
Kash Moghul, business development director at Together, said: “The Victorian pier is one of the finest tourist destinations in south Wales and has seen a great deal of investment over the past few years for the owners to make a series of impressive improvements. In many ways, the Bollom family’s entrepreneurial vision reflects our own and that’s why we’re proud that our funding will help them achieve their ambitions, paving the way for future generations of visitors to enjoy this magnificent attraction.”
Further work, funded separately, will start at Mumbles Pier in 2023 to create a beach front hotel and function rooms, luxury apartments and an additional 80 seater sea view restaurant and bar.
Mark Dickson at MDC Resources Brokerage introduced the deal to Newable. Newable Finance is part of Newable, a multi-faceted business that supports SMEs at every stage of their business development through the provision of Money, Space and Advice, helping over 43,000 businesses each year thrive.