£2.5m funding secures East Midlands leisure resorts
A leisure resort company has secured its long-term future after receiving a £2.5m funding package from HSBC UK, following the closure of its holiday parks due to COVID-19.
Coppergreen Developments runs four resorts across the UK. These include sites in Thirsk in North Yorkshire, Kenwick in Lincolnshire, Clumber in Nottinghamshire and a site in Dundee.
The company focuses on providing accommodation in lodges and hotels for long-stay or short-break holidays in idyllic locations.
As a result of the Coronavirus pandemic, these resorts had to shut down, which has meant the business has had zero income since the closures.
The funding from HSBC UK will ensure the company can cover its running costs and retain its staff until the holiday parks are able to reopen again.
Coppergreen Developments has implemented the Government’s furlough scheme for 360 of its 400 employees.
Donna Copley, financial director, Coppergreen Developments, said: “We initially feared that COVID-19 would mean permanently closing our holiday parks.
“However, thanks to HSBC UK’s support, we have been able to secure the future of the company and ensure hundreds of our employees will be taken care of while the furlough scheme is in place.
“I believe our business now stands a very good chance of surviving this crisis and I must thank Chris and the team at HSBC UK for their efficiency, understanding and support in getting this loan through in these difficult times.”
Chris Alsop, relationship director, HSBC UK, said: “Coppergreen Developments has established itself as one of the most respected names in the leisure resorts industry in the UK and we’re happy to support the future of the business despite these unprecedented times.
“We look forward to seeing the business not only recover from this difficult period but continue to grow when its four resorts are able to safely reopen.”