Pure Leisure taps into loan guarantee scheme
Carnforth-based holiday home operator Pure Leisure Group has secured a £1m funding package from Barclays under the National Loan Guarantee Scheme.
Pure Leisure Group operates four holiday lodge and caravan parks in the Southern Lake District with a further four in Northamptonshire and East Anglia. Tydd St Giles Golf and Leisure Estate, Cambridgeshire and Bridlington Links Golf and Leisure Estate, North Yorkshire completes the UK portfolio.
Under the scheme, firms who take out a loan will receive the full benefit of the NLGS discount immediately in the form of an upfront cash payment. This is calculated as 1 percentage point discount on their loan price over the first five years.
Andrew Meadowcroft, relationship director at Barclays corporate banking, said: "By giving our customers the full benefit of the NLGS on day one, they receive a lump sum of cash which they can put to use immediately to grow their business. We think this is more useful than drip feeding the value over the lifetime of a loan. SMEs are the lifeblood of our economy and we're delighted to be part of a scheme that means we can offer this new initiative to our customers."
Tony Fox, managing director of Pure Leisure Group, said: "We will be using this funding to develop a new 15,000 sq ft health and leisure complex at our Tydd St Giles Golf & Leisure Estate. The 1% discount through the Barclays cash back scheme equates to £22,871 and is going to help us even further."