Together provides £1.85 million for the best loved pier in Wales.
Mumbles Pier, one of the best loved piers in Wales, will get a face lift after securing funding from 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 Albert Bollom and his brother, who are third-generation owners and took over from their father in 2012. The pier has been in the family since 1933.
The funding was brokered by Newable Finance, the specialist brokerage and advisory service arm of Newable, which has secured a deal with is part of a refinance plan. It will allow 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.
Albert 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 £4.8billion, sourced the funding on a commercial mortgage, reducing the overall debt of the business.
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.”
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.”
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.
Articles on our website are designed to be useful for our customers, and potential customers. A variety of different topics are covered, touching on legal, taxation, financial, and practical issues. However, we offer no warranty or assurance that the content is accurate in all respects, and you should not therefore act in reliance on any of the information presented here. We would always recommend that you consult with qualified professionals with specific knowledge of your circumstances before proceeding (for example: a solicitor, surveyor or accountant, as the case may be).
Lending decisions are subject to an affordability/creditworthiness assessment.
Any property used as security, including your home, may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.