Golf course secures £19m funding
Story published at 15:34, Friday, October 17th, 2014
Pure Leisure Group (PLG) has secured a £19m funding line from Grovepoint Capital, via its specialty lending arm, to refinance existing borrowings against Barbados-based luxury golf and spa resort Royal Westmoreland (RWM), in a transaction led by Clearwater International’s Debt Advisory team. The funding secures continuity of PLG’s ownership of Royal Westmoreland and in doing so unlocks exciting plans for the development of the Barbadian resort.
PLG is a leading caravan and lodge holiday company in the UK with 11 park locations, headquartered on the Lancashire-Cumbria border. The owner, John Morphet, is a high profile figure in the leisure industry and a leading entrepreneur. Morphet has been prominent in the UK caravan and holiday park sector for over 25 years.
PLG owns a 100% stake in Royal Westmoreland, which it acquired in 2004. RWM is a world-class 750 acre premium residential development with an award winning 18 hole Championship golf course. Located in a prime position overlooking the west coast of Barbados, Royal Westmoreland boasts stunning views of the Caribbean Sea with easy access to its own private beach for the use of residents. The development also features a fantastic newly refurbished clubhouse, along with a bar, locally inspired restaurant and a full suite of exclusive spa facilities.
Morphet is supported by experienced management teams in the UK and Barbados, led by Nigel Wimpenny. Nigel is Managing Director of Pure Leisure Group and has significant experience in the sector, having previously been Finance Director and latterly CEO of South Lakeland.
A team at Clearwater International led by Partner and Head of Debt Advisory Mark Taylor, supported by Associate Director Tom Barnwell and Associate David Burton, advised John Morphet and Pure Leisure Group on the refinance. Pure Leisure Group was advised in the UK by DWF, with Grovepoint advised by Mayer Brown.
John Morphet, Pure Leisure Group Founder and Chairman, said: “The support from Grovepoint provides a solid foundation for the roll out of our strategy at Royal Westmoreland, where we have exciting plans in place for the future.”
Mark Taylor, Partner and Head of Debt Advisory at Clearwater International, commented: “It was important PLG secured the right partner for its refinance. The funding secured from Grovepoint will allow RWM’s owners to move ahead with their plans to unlock the full potential of the asset. This is a fantastic deal for Royal Westmoreland and its owners”
Peter Jaffe, Partner at Grovepoint added: “Clearwater International presented us with an exciting opportunity to support Royal Westmoreland with its refinance. We combined our fast credit process and flexible approach to capital structuring to deliver a deal that was right for John and PLG. We look forward to working with John, Nigel and the rest of the team on this exciting next chapter.”
Pure Leisure Group www.pureleisuregroup.com
Clearwater International www.clearwaterinternational.com
Royal Westmoreland www.royalwestmoreland.com