05 March 2019
Shawbrook Bank has provided leading marine business The Marine Group with a funding package totalling £2.88m including a commercial mortgage facility to enable the acquisition of Port Dinorwic Marina, which it had previously operated via a lease.
Founded in 2007, The Marine Group began life in Cardiff Bay with 2 employees and a few moorings. The business has rapidly expanded and now operates a range of services including berthing, drystack facilities, boatyard services and commercial property from 5 locations in Wales: Cardiff, Swansea, Burry Port, Aberystwyth and Port Dinorwic. The business now employs over 45 highly trained marine engineers, craftsmen and support staff.
The funding will allow The Marine Group to acquire Port Dinorwic Marina whilst also investing in facilities and business development across the portfolio, including Burry Port.
Shawbrook offers a range of commercial lending facilities to specialist and complex businesses across the UK in a variety of sectors, including marine. The South West & Wales Regional Business Centre team structured the funding to support the acquisition of Port Dinorwic Marina and to create the financial headroom required to invest in business development across the rest of the Group.
Shawbrook was introduced to The Marine Group by Stirling Partners Finance, the specialist commercial finance brokers.
Oliver Jenkins, Relationship Director at Shawbrook Bank, says:
“The Marine Group is an impressive business, expanding rapidly by delivering specialist services to both leisure and commercial marine customers from spectacular private marinas across the Welsh coastline. I know this part of the world well and have been able to draw upon the marine expertise and heritage we have at Shawbrook to structure a facility that delivers precisely what The Marine Group required.”
Christopher Odling-Smee, Director at The Marine Group, says:
“We acquired the lease on Port Dinorwic Marina in 2017 and to secure the freehold was always the plan. We were impressed with the Shawbrook team’s willingness to work alongside our current bank and their ability to understand what we’re trying to achieve here at The Marine Group. We’re a specialist business and we take a great deal of pride in what we do, so it’s refreshing to work with likeminded people at Shawbrook who are now an important part of our conservative banking structure.”