Clearwater International advises on the €24m refinance of Royal Westmoreland, Barbados
Clearwater International's debt advisory team led the €24m refinance of Royal Westmoreland in Barbados, which was funded by Grovepoint Credit.
Pure Leisure Group (PLG) has secured a €24m funding line to refinance existing borrowings against Barbados-based luxury golf and spa resort Royal Westmoreland (RWM). 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 UK caravan and lodge holiday company with 11 park locations, headquartered on the Lancashire-Cumbria border. The owner, John Morphet, is a leading entrepreneur who has been prominent in the UK leisure industry 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. The development also features a newly refurbished clubhouse with a bar, locally inspired restaurant and a full suite of spa facilities.