Barclays provides £1m for Pure Leisure
BARCLAYS has provided a £1m finance package to Pure Leisure Group under the new National Loan Guarantee Scheme (NLGS).
Pure Leisure Group is owned by caravan parks entrepreneur John Morphet. It operates four sites in the Southern Lake District, four in Northamptonshire and the East Anglia as well as a Golf & Leisure estate at Bridlington in North Yorkshire. The £1m loan will be used to develop another golf & leisure estate at Tydd St Giles in Cambridgeshire.
Under the Barclays scheme, SMEs who take out a loan will receive the full benefit of the NLGS discount immediately in the form of an upfront cash back. This will be calculated as a 1% discount on the loan price over the first five years.
Barclays Corporate relationship director Andrew Meadowcroft said: “By giving our customers the full benefit of the NLGS on day one, they receive a lump sum of cash which they can put to use immediately to grow their business.
“We think this is more useful than drip feeding the value over the lifetime of a loan. SMEs are the lifeblood of our economy and we’re delighted to be part of a scheme that means we can offer this new initiative to our customers.”
Tony Fox, managing director at Pure Leisure Group, said: “The 1% discount through the Barclays cash back scheme equates to £22,871 and is going to help us even further.”
