HSBC funding secured for New Brighton work

Michael Hunt

A £24m funding deal has been signed between Neptune Wirral Limited and HSBC Corporate Banking North West to help complete work on the second phase of the New Brighton redevelopment.

Neptune Wirral Limited, a purpose vehicle company set up between its chairman Peter Hynd and HSBC, is separate to Neptune Developments which is delivering the scheme.

The smaller first phase of the £60m scheme was completed in 2008 and included the refurbished 800-seat Floral Pavilion and Conference Centre.

Phase two includes a new Morrison's supermarket, a 66-bed Travelodge hotel, a digital cinema, bars, restaurants, water sports training centre, a new model boating lake, a public lido and other public spaces, as well as improved public transport links.

Neptune Developments selected Bowmer & Kirkland as main contractor on the £35m second phase last November.

The marine lake and the new promenade and model boating lake are due to be completed by the summer this year with the Morrisons supermarket ready to start fitting-out just after Christmas.

The Travelodge, Light Cinema, and some of the leisure buildings should be ready for fit-out by spring 2011 and the rest of the leisure buildings and the Lido will be completed by summer next year.

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