Mumbles Pier is getting a near £2m facelift as part of wider investment plans to transform the popular tourism attraction.
The 835 foot long Victorian built pier in Swansea, which attracts 750,000 visitors a year, is owned by third generation entrepreneurs Fred and Bert Bollom who took over from their father in 2015. The business has been in the family since 1933.
The latest funding of £1.85m has come from specialist lender Together. It was brokered by Newable Finance, the specialist brokerage and advisory service arm of Newable.
The funding will support a next stage of refurbishment including full renovations to the base of the pier allowing for a new premium space, updating the grade listed Big Apple kiosk, and securing 130 jobs for the next seven years.
Funded separately, next year will see work starting on a new beach front hotel and function rooms, apartments and an additional 80 seater sea view restaurant and bar.
Bert Bollom, chairman of Amusement Equipment, said “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 £4.4bn, sourced the funding on a commercial mortgage, reducing the overall debt of the business.
Josh Mendez, senior finance broker property, at Newable,said: “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.”
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.”
The pier was first opened in 1898.
