Holiday park firm in £40m refinancing deal

LANCASHIRE-based Plue Leisure Group, which operates 11 holiday parks across the country – has agreed a £40m refinancing deal with HSBC.

The company has switched its debt facilities to the bank from its previous lenders.

The long-term refinancing is expected to help the Carnforth-headquartered business focus on growth, including acquisition of new sites in the UK.

As well as holiday parks across the North West and Midlands, the group owns the luxury Royal Westmoreland resort in Barbados.

Founder John Morphet set up the business in 2004 after selling the previous successful holiday park operation, South Lakeland Parks.

In addition to the overall refinancing, HSBC offered a range of improved payments and cash management solutions to the group, replacing services from different banking providers.

Pure Leisure Group managing director Nigel Wimpenny said:“We’ve had a record year in both the UK holiday parks and Royal Westmoreland.

“The new facilities secure the group’s future, provide a platform for growth in the UK, and give us strategic options at Royal Westmoreland. HSBC have provided a compelling total banking package.”

The deal was overseen by HSBC relationship director Chris Mackenzie, part of the Lancashire & Cumbria Corporate Banking team led by Area Director Jason Gledhill.

Area director Jason Gledhill said: “Pure Leisure is one of the UK’s leaders in leisure and holiday parks, and John Morphet is major figure in Lancashire business. That’s why we are delighted to have the opportunity to become part of the Group’s long-term plans – streamlining their payments processes across sites and delivering a financing package that positions them for growth and expansion. HSBC is determined to support ambitious businesses like Pure Group.”