Mumbles Pier is to be given a facelift with financing brokered by Newable Finance, the specialist brokerage and advisory arm of Newable, which has agreed with specialist lender Together for £1.85million worth of restoration work.
The 835ft pier attracts over 750,000 visitors each year and features arcades, outdoor activities, restaurants and is home to the Mumbles RNLI station.
the New York Times also included the historic Victorian Pier as one of the best places to visit in the world. The pier is now owned by brothers Fred and Bert Bollom, third generation owners, who took over from their father in 2015, and have been in the family since 1933.
The funding is part of a plan to refinance so work can begin on the next stage of the renovation, including full renovations to the base of the pier creating space in a venue for al fresco dining and events outdoors, updating the Grade II listed Big Apple Bandstand, and securing jobs for the next seven years.
Bert Bollom, chairman of Amusement Equipment, which owns the pier, said: “Mumbles Pier has always been entirely privately funded and this much needed injection will allow us to continue doing business while carrying out additional restoration work and essential to bring the pier back to its former glory.
“This money will allow us to carry out the work and remain open for business, thus ensuring the future of our 130 employees and all our customers.”
Newable, in conjunction with Together, secured commercial mortgage financing, reducing the company’s overall debt.
Josh Mendez, senior real estate broker at Newable, said: “We had the opportunity to help refinance Mumbles Pier to help with future restoration work. With vacations being very much in vogue, leisure is one area where we will be investing heavily as the UK holiday market continues to grow.”
Kash Moghul, Business Development Manager at Together, added: “The Victorian Pier is one of the finest tourist destinations in South Wales and has seen a lot of investment over the past few years for owners to bring a series of impressive improvements.
“In many ways, the Bollom family’s entrepreneurial vision mirrors our own and that’s why we’re proud that our funding is helping them realize their ambitions, paving the way for future generations of visitors to enjoy this magnificent attraction.
Further work, funded separately, will begin at Mumbles Pier in 2023 to create a beachfront hotel and function rooms, luxury apartments and an additional 80-seat restaurant and bar with sea views.
Mark Dickson of MDC Resources Brokerage presented the deal to Newable.
He said: “It was a difficult transaction to complete as the security offered was not attractive to a number of lenders, particularly on a term loan. I contacted Newable as I understood that “they had a very experienced commercial real estate team that could help me and the client get the necessary financing.”