Newable Finance

Newable Finance secures £1.85m loan for Wales pier refurbishment

Newable Finance — the specialist brokerage and advisory service arm of Newable — and Together have completed a £1.85m loan for the refurbishment of the Mumbles Pier in Wales.

The 835 ft pier currently belongs to Fred and Bert Bollom, managing directors and chairmen at Amusement Equipment, who took over ownership from their father in 2015. 

The 10-year facility — arranged at a sub-6% interest rate — will be used to refinance the clients’ existing debt and start the next stage of the pier’s refurbishment, which includes a full renovation of the pier’s base to create space for alfresco dining and outdoor events, as well as improvements to the Grade II-listed Big Apple kiosk.

The deal was introduced to Newable Finance by Mark Dickson, owner of MDC Resources.

“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,” said Bert. 

“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.”

Josh Mendez, senior finance broker at Newable, commented: “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.”

Kash Moghul, business development director at Together, added: “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.”

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