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Funding Secured for Multi-Million Pound Luxury Lodge Development in Denbighshire

Banc Datblygu Cymru yn Cyhoeddi Arian Cyllido ar Gyfer Datblygiad Porthordy Moethus Gwerth Miliwn o Bunnoedd yn Sir Ddinbych

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Gymraeg

The latest multi-million pound luxury lodge development in Denbighshire has secured the backing of the Development Bank of Wales.

Bryn Morfydd Hotel and Lodge Park at Llanrhaeadr, near Denbigh, closed in January 2009 and fell into disrepair. The 15-acre site will now be redeveloped by Jamie Hughes of HHH Park No 1 Limited with a £2.2 million loan from the Wales Business Fund being used to part-finance the construction of 68 luxury lodges. The deal was completed with the assistance of North Wales law firm Lanyon Bowdler who acted on behalf of HHH Park No 1 Limited. James Guile of Hugh James acted for the Development Bank of Wales.

With over 25 years-experience of working in the holiday park sector as the owner of Hughes Holiday Homes Limited, Jamie also has the backing of co-Director and investor Andrew Williams-Owen and Cheshire-based leisure construction specialists Peter Harding & Co Limited who will carry out all infrastructure works.

Jamie Hughes said:

North Wales is home to some of the most exclusive and high-value lodge parks in the UK yet demand continues to outstrip supply. Staycations and home-working are contributing to this as people seek a different way of life.

With the support of the Development Bank, the acquisition and development of Bryn Morfydd gives us the opportunity to bring this prominent site back to its former glory with ultimately 89 luxury lodges and a 39 bedroom hotel. It really will become a safe and beautiful haven for those seeking luxury living in an area of outstanding natural beauty.

Scott Hughes of the Development Bank of Wales said:

Jamie has an impressive track record and knows the market inside-out. He has the support of a highly experienced team who share his passion for developing five star luxury lodge parks. Our investment will be a welcome boost for the local economy with the redevelopment of the derelict site along with the creation of more high-quality holiday accommodation and jobs for local people.

Ed Nutting, of Lanyon Bowdler, said:

Tourism has always been a vital part of the North Wales economy, so bringing this site back to life is a fantastic boost for the whole area. We were very pleased to assist with the legal arrangements required for the purchase of the site on behalf of HHH Park No 1 Limited, and we wish them every success for the future.

The £204 million Wales Business Fund is financed by the European Regional Development Fund and the Welsh Government. Loans, mezzanine finance, and equity investments are available for deals between £50,000 and £2 million with terms ranging from one to seven years for small and medium-sized businesses (those with fewer than 250 employees) based in Wales, or willing to relocate to Wales.

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The Development Bank of Wales funds businesses that they think will benefit Wales and its people. The ones that will create ripples of growth- those that are more than a good business model or a great idea. They finance responsible businesses – those with a strong social, ethical and environmental standards, as well as real commercial promise.

By providing sustainable, effective finance where options have seemed limited, they bring ambitions to life and fuel possibilities for people, businesses and communities in Wales and beyond.

The Development Bank’s ‘big picture’ view means it can often help with debt and equity finance when options seem limited, doing whatever it takes to make a positive difference, bringing together the right people and working collaboratively to find a way to make things happen for Welsh businesses and for Wales.

Its teams are embedded in local communities, working out of regional offices that give customers direct access to key decision-makers and signposted avenues of support. They understand what’s happening in Wales’ villages, towns and cities – the challenges and the opportunities. They see the potential for business growth as a catalyst for enhancing lives and communities in Wales and beyond.

For more information, visit the Development Bank website at www.developmentbank.wales to find out more.

 

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